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Gold - Could trade sideways for a long term
Please consider this option for gold. As you know it's not my preferred count for gold, but then it's no textbook advance from 1,046 and it's no textbook decline from 1,375, which could be explained but this option.
A triangle consolidation in wave (B) would make sense. The rally from 1,046 has already tested the 38.2% corrective target of the decline from 1,920 to 1,046 at 1,375. So instead of gaining more ground price-wise a triangle consolidation would use up time instead.
The triangle consolidation would also allow the USD to move up without hurting the precious metals in any major way, at least for now. A clear break below 1,165 would make this count the preferred count.
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