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Traders,
We have a trendline on weekly chart that we can not ignore now. The blue line is now definitely a pressure line , a really big challenge for UJ to create a new high position. And then it gives us a guide that UJ is on its wave 5 down, could a fake wave 5 if this wave would not make a new lower low, otherwise, treat it as a true one. Never mind, leave it behind us, becoz we still can hunt pips from this weekly chart analysis.
Check daily chart, a broken trendline with a bearish top is now showing us strong reason to short. So could be a strong reason to long gold too.
Check this :
Less is more!
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Waves to go with
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4h chart is bull for correction now. If got confusion, pls check back to weekly chart to follow.