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GOLD reversed nicely, in a perfectly lower manner from the $1490 area seen two weeks back to where the base channel turned into a resistance line as discussed in our latest video analysis.

Notice that the fall from that zone is now very sharp, showing evidence of an increase in volume and momentum, so we suspect that the market is underway to the 1220/1300 area for a fifth wave of decline in wave (C).

Gold Elliott Wave Analysis for technical trading May 20 2013 XAUUSD

VIDEO: EURUSD, GBPUSD, AUDUSD and GOLD