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Gold was firstly moving lower last week into 1590-1600 support area from where small rally occurred that may suggests that wave B corrective pull-back has bottomed. We still expect a wave C rise, into a final part of a second zig-zag that will complete wave E). However, before we may look higher and make sure that we are on the right track, we need an impulsive extensions trough 1615. If we get this type of a reversal, then we will look for strenght up to 1650; wave C=A target.
