Since the triangle termination E at $1266/67 in May 2019, the metal seems to have completed an impulse as labelled here. The (5)th Wave potentially terminated at $1452/53, could have reached $1460/65 as well. On lower timeframes, the drop between $1455 through $1414, can be termed as Wave A which was followed by a 3 wave corrective rally through $1435/36 (a-b-c not labelled here. b turned out to be a triangle). Termination at $1434/36 could be Wave B within the A-B-C Zigzag. Until prices stay below $1452/53, we could see a drop lower towards the $1380/$1400 region at least. It could go even deeper towards $1340/50 levels, which is fibonacci 0.618 support of previous rally. After the correction is over, Gold could be left with another impulse higher. Shall review it as price action unfolds.
GoldTrend AnalysisWave Analysis

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