Paulina asked me to update gold after yesterdays rally.
Has anything changed? NO!
I think that the rally of the 1,292 low is a correction and ideally resistance at 1,380 will protect the upside for a break below 1,357 and more importantly a break below 1,337, which will confirm, that wave iii lower is developing for a decline towards at least 1,233 and more likely even lower towards 1,145.
Only a break above resistance at 1,434 will invalidate my bearish count and shift the picture towards a bullish count calling for a rally higher towards 1,620 and 1,706.
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