Gold weekly Elliot wave update
Resistance zone hit. It was strong support during period of 2011-2013. Now 5th wave is done right at 161.8% fib extension. Due for correction as indicators show overbought level. Correction could take us to retest the $1380 area before the next rally. If Recession fears take more effect as we finish this year, from that point gold should rally again to $1600, as expected by Goldman Sachs. Good Luck!
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Daily chart for a clearer picture of the waves