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Gold Intra-day: Near-term Bullish

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Oct 26 2010

Gold should be headed higher in the very near term, at least towards the 1360, as we anticipate at least three wave move on the upside from 1315 lows; either you count a decline from 1387 highs as a five wave move or a complex double zig-zag correction.

Gold was pulled lower recently in three wave structure from 1349, which should be only a second, but corrective wave of that three wave bounce that is unfolding. Break of 1349 resistance will put wave (iii)/(c) in play. Wave count remains valid as long as prices trade above 1315 support zone

Gold 1h chart:




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