Gold topped at 1285 and went down in five-waves to 1258. This means that the rally, which is currently in progress should be only a correction. Every correction consists of three waves, so it seems that there is one more swing higher left, before the decline resumes in wave (3)/C. Ideally, prices would find resistance at the 61.8% Fibonacci level around 1275. Even if gold extends its gains above this zone, the bearish count remains valid, as long as 1285 holds.
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