GOLD fell
sharply lower last week, even through 1300 psychological level. Decline is
looking impulsive, which means that move should be made by five smaller waves
before bearish trend can find the low. At the moment we can see some reversal
to the upside, but we think that’s only wave four that will be looking for
resistance area around base channel and at 38.2% Fibonacci level area;
close to 1310.
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