Gold Chart View

In our Daily FX commentary today, we said price could have hit the top of its range at 1517.90 on Friday and last night low of 1489.90 is not the completed correction. We were expecting a corrective rally to 1495 to be followed by a move to 1490. Earlier, we saw price moved to 1494.70 before declining to 1483.40. We think this could be the low as MACD has a clear bull divergence warning. There was also a clear 5-wave movement down as well.

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