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  • Gold prices have corrected a significant portion of the latest bearish impulse. 
  • Failures at this resistance could lead to a fresh downside impulse. 

As per the prior analysis for the open on Monday, The Chart of the Week: Gold correcting towards critical resistance from fresh bear cycle lows, the price has corrected to the 50% mean reversion point of the latest bearish impulse. 

Prior analysis

Live market, hourly chart

The price is now testing the bear’s commitments which could lead to downside extension failures at this juncture. 

Expert score

5

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