Gold is trading quite nicely from the lows at 1243.88, from where we labeled end of black wave C and is now ideally trading in a new bullish cycle. For now we think that wave 1 can already be completed, and that wave 2 is underway, as of recent choppy and overlapped price action. That said wave 2 can find its resistance near 50 or 61.8 Fibonacci ration, from where a new reversal into wave 3 may occur.
Gold, 1H
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