ABC on gold

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Gold seems to be making an ABC-type corrective structure now. This correction could take the yellow metal into the +/- 1740 region which is a symmetrical projection of Wave A, to a 61.8% extension of Wave A into +/- 1713. Although gold hasn't followed the seasonal pattern exactly this year, the 2nd half of December through the end of February tend to be seasonally bullish periods for gold. Be on the lookout for a potential bottom around these levels for a long term buy on gold.