GOLD made a deeper pull-back in this week and
then found a support around 1440, at the parallel trend-line that represents
lower side of a corrective channel. Also notice that decline from 1485 has been
made in three waves and that 1419 support is still in place. Therefore, we
think that pull-back from latest high was corrective wave b) that is part of a
complex double zig-zag from mid April low. With that in mind, price could test
1490 or even 1500 level before complex corrective is complete.
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