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Gold should be headed higher in the very near term, at least towards the 1360, as we anticipate at least three wave move on the upside from 1315 lows; either you count a decline from 1387 highs as a five wave move or a complex double zig-zag correction.

Guest post by Gregor Horvat

Gold was pulled lower recently in three wave structure from 1349, which should be only a second, but corrective wave of that three wave bounce that is unfolding.     Break of 1349 resistance will put wave (iii)/(c) in play. Wave count remains valid as long as prices trade above 1315 support zone

Gold 1h chart:

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