Gold hit new lows last week but price turned up quite quickly so we assume that market is trading sideways now and that wave four is still unfolding. Ideal scenario is now a triangle with new leg down coming soon as wave (e) can be near resistance. Short-term invalidation level is at 1098; as long this one is not breached we stay bearish. We believe that sooner or later price will fall back to the lows and possibly move towards 1050.
GOLD, 4H
GOLD, 4H
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