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09.03.2015 11:11 AM
Gold wave analysis for March 9, 2015

It is very possible that gold price have completed 5 waves down from $1,307 and we should not be surprised to see a strong bounce towards $1,216 at least. The longer-term trend remains bearish. The short-term is showing the signs of a bullish reversal but only as a part of a corrective wave before the downtrend resumes.

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Gold price broke below the support of $1,190 last week and pushed towards $1,160. Prices are bouncing higher now and the short-term resistance is found at $1,182. Important short-term resistance is found at $1,200.

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Gold price, as shown on the weekly chart above, has most probably finished the impulsive decline from $1,307. We should now expect a three wave bounce towards at least the 38% retracement.

Summary
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Analytic
Alexandros Yfantis
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