It is difficult to forecast the direction of XAUUSD from here as there are two very possible options. The smaller corrective structure formation detailed in my previous gold prediction did not break to the upside and so the long was not confirmed. We then saw a move to the downside which broke a key demand area. I am now watching smaller time frames for an indication as to which option will play out. We are still trading within the corrective structure on the daily time frame which has a bullish formation but it is very possible that there will be a 5th wave down before we see more upside.
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