Gold

The bearish outlook :

After developing a series of the sequential degree first and second waves, { 1 – 2, i – ii (circled), (i) – (ii), and i – ii }, Gold has now poised to fall in impulsive wave iii of (iii) of iii (circled) of 3.

The outlook remains bearish against the 1215 – top of the wave (ii), towards the new lows.

The immediate target now is 1124.1, where wave iii equals 1.618 times the length of wave i.

Gold - Daily

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