$XAU/USD (Gold) 8.20.2013

Metal has completed a cycle from 1270 and is showing a 3 wave decline from 1385. Therefore, as 1385 holds, we expect another push lower in 3 waves toward 1328 to complete wave (( b )) before metal turns higher again. We don’t like selling the metal into proposed swing lower as the initial decline from 1385 was corrective. Remember, only a 5 wave move from a significant high / low marks a trend change.

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