In the last video report that I published when Gold(XAU USD) was trading around 1242 my primary view was that there is more downside to be seen in Gold.
Right now Gold is trading around 1212 good 30 points down from the previously mentioned level.
Looking at the structure right now it looks like we are in a Flat type of correction and that we are in the Wave (5) of Wave C of this Flat correction that should complete the circled Wave ii.
If this interpretation plays out as expected then Gold should turn upwards without crossing the 1194 level to the downside and should see levels of 1300 + as I have discussed in my past videos.
However if Gold goes below 1194 which is also the Invalidation level for this circles Wave ii then this market is simply doing something else and I will discuss the alternate scenario in that case.
Hence I believe that this is a very crucial level and trades need to remain cautious.
I will update further as this market progresses.
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