Intraday Wave Pattern on GOLD
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Nov 13 2013
On GOLD we see five waves down with a bullish divergence between waves three and five as shown on the RSI. This usually confirms the idea of a coming reversal in price. In fact, current bounce from the low is now already above the upper trendline of a downward channel so we suspect that market is forming a rally that should unfold in minimum three legs back to 1285. With that said, we do not expect any intimidate reaction lower, even if larger trend is still down! If you want to get short, then we suggest to wait on pullbacks.
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