Yesterday: GOLD declined into the 61.8% Fibonacci retracement level. Wave 'ii' brown did infact extend lower as suggested.
So far the bounce off the lows looks to have halted the decline. If we get a break of the high of wave 'b' at 1285 it will signal wave 'iii' brown has begun.
Wave 'iii' is projected to reach 1332 at the 161.8% Fibonacci extension.
For today: Watch for 1267 to hold, and a rise into 1285 to signal a turn up again.
My Bias: Long towards 1550 Wave Structure: ZigZag correction to the upside. Long term wave count: Topping in wave (B) at 1550 Important risk events: USD: Building Permits, Housing Starts, Crude Oil Inventories, FOMC Meeting Minutes.
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