Gold prices saw a significant correction over the past 3 months as prices slid nearly 15% to test $1765 per ounce. In our previous posts we argued that it still looked like a major correction in a longer positive trend and buyers were able to defend the key combination of supports at $1765. This led to a sharp rebound and the price moved above the key $1850 level. Should the move fail, it could lead to a return to declines and make this correction deeper. Now the chances of return to the rally are stronger with the next resistance at $1925.
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