Preferred Elliott wave view suggests the yellow metal has ended a cycle and wave (( B )) high is in place @ 1392. Decline from 1392 is taking the form of a triple corrective structure and can test 1288 – 1298 to complete wave A. After that metal should see a recovery in wave B which can reach as high as 50 – 61.8 fib of the drop from 1392. We don’t like buying the metal in proposed wave B recovery and would look for selling opportunities at the end of wave B.
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