Gold bounced from the 1109 low yesterday, from the lower side of a downward channel which usually occurs after a corrective movement. As such, we assume that the precious metal made only a three wave pull-back from the highs; a temporary move that sends the price back to the highs for wave five of c of iv). Ideally, the metal will find resistance this week somewhere around 1130.
GOLD 30min Elliott Wave Analysis
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