Gold is trading lower, after a recent Long, corrective move of a black wave IV) that found the highs around 1104 resistance zone, as highlighted recently. The current short moves could be a start of a black wave V), final leg of a blue wave III that could trade down to 1070-75 region, where the current down-trend may be finished.
Once our blue wave III is complete, we will look for a corrective bounce into the blue wave IV.
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Disclosure: No positions