With the new swing low yesterday in gold, we can now clearly count five waves down from the top. We know that whenever you have an impulse from a high or from a new low, it's a bearish structure that will likely lead to even more downside after the next rally. This rally seems to be on the way and appears to be headed back to 2412, which is the first resistance. However, I think there is a chance that gold will retrace to at least the 38.2% Fibonacci level before a much more powerful drop may occur.
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