GOLD rallied nicely in the last few sessions which was expected as we needed a three wave rally in wave 4. For now, the bounce is unfolding very nicely, but we need to see 38.2% hold to turn straight down again. With that said, we want a confirming price action for fifth wave of decline down to 1300 area. An impulsive reaction down and through 1380 will be a strong indication that downtrend is back in force.
