GOLD is reversing lower from 1360 where a five wave move from 1251 may have completed a flat correction in wave 2. Notice that current weakness already extended through the small base channel which usually occurs in impulsive price action. With that said, further weakness is expected as we think that price is in red wave i), so if we are correct then short opportunity could occur in wave ii) maybe next week.
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Well on the daily line chart of gold we see a possible Head and Shoulder pattern with price now moving down from the right shoulder. This is a bearish pattern that is pointing towards 1180, but not so soon. Firstly we need a broken neckline placed around 1271.
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