Gold Technical Analysis and Near-Term Outlook
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Gold rose and settled above Wednesday’s midpoint and the 38 percent retracement of the decline from $3509.9. This dampens the odds that the wave down from $3509.9, which met its $3276 smaller than (0.618) target, will extend to fulfill its $3202 equal to (1.00) target. However, while the $3396 intra-day swing high holds, this wave will still favor an eventual test of $3202.
Today’s rise warns that the corrective move down from $3509.9 might already be complete. Overcoming the $3386 smaller than target of the wave up from $3270.8 would call for a move above the $3396 intra-day swing high to challenge key near-term resistance at $3421. This is the equal to target of the wave up from $3270.8 and the 62 percent retracement of the decline from $3509.9.
