Gold

The bearish outlook :

After developing a series of the sequential degrees 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 1199.3 – now the top of 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. The broader target is through the level of 1057.

Gold - Daily

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