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Gold Weekly 27/05/13

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Spot gold looks to be in the final stages of its long correction from the $1921 top back in Sept 2011. At least, there's plenty of support just below the recent low and the wave count shown on this weekly chart (if correct - there are almost always alternative counts) supports the view that a trend change could be due.

The black arrows are equal in length and show the target for the 1525 to 1800 trading range break. This comes in at the 1250 mark and there's a support from an earlier price high at 1265. Just above that we have the 50% retracement level at 1303 and a price support at 1307. I'd favour the latter 1300-1307 area as a good place for a low as there are two technical levels very close and the "round number" psychological level too. That would also complete a very tidy 5 wave move down from 1796 for the wave (C), just as there should be,
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