Gold is reversing lower after recent sharp move up to 1263 that we see it as extended wave three. It's part of an impulsive price action so we will look for more gains ahead after any corrective set-back. That said, current decline is ideally wave 4) that may look for a support in the area of a former wave four, which is at 1181-1200. That said, traders must be aware of a bounce from there later this week. GOLD, 4H
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