Gold appears to have completed a 5-3 Elliott Wave, in a meteoric rally that left us very little entry opportunities. There was a brief retracement down to 1896, which is a strong technical level. Currently, GC is above 1935, which is a technical and Fibonacci level, which will provide significant support. Momentum seems to have waned at the moment, which makes sense because everything will be anticipating the FOMC even today. The Kovach Momentum indicators are still strong considering the pullback so GC may have more in the tank to come.
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