Is this a pullback in gold, or the start of a new wave?
Spot gold remains above the key trendline that has been followed for a long time. As seen before, after sharp rallies, counter-moves in this area have typically been pauses. We are once again at that same zone.
If this level holds, continuation of the primary uptrend can be discussed. As long as the trend remains intact, any potential pullback should be interpreted as a correction. The main risk is if price sustains below this trendline.
Gold remains strong, but everything depends on how it reacts at this level.
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