Correcting Down :

As shown on the daily charts, the Gold’s pullback that started this week is likely tracing out a zigzag as the Minute waves b (circle) or ii (circle). This correction will amount to Fibonacci 0.618 retracement level of the first strong rally from 1072 low, over the coming weeks.

As noted in the prior daily posts, the Minor wave C might trace out in a three-wave or impulsive five-wave sequence, to develop Intermediate fourth-wave (not shown) as a “triangle” or “flat” correction.

Gold - Daily1Gold - Daily

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