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Elliott Wave Forecast For Gold: Recovery Could Be Underway Back To 1348

|Includes: Randgold Resources Limited (GOLD)

GOLD is in recovery mode for few weeks now and it seems that current price action could move even higher in the next few days if we consider a broken trend line of latest five wave decline which suggest that impulsive move from 1680 is complete. Usually when market is in reversal mode the price will retrace back to the territory of a former wave four. In our case that comes in at 1394-1400 level that could be tested in the next two weeks.

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On the 4h chart we can see that price made a sharp reversal yesterday and closed on a daily basis above the upper line of a downward trading channel. A break suggests that corrective move from 1348 has already bottomed and that market is now forming a continuation pattern within larger uptrend, from 1180.

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