The long term chart of Gold shows that important tops have formed when breaking the channel top has failed. It's not certain yet but every thing points towards a new failure break in November calling for a wave [C] correction in an irregular falt, which means a much deeper decline will be seen.
The Hourly chart above shows that the decline from the 1,226 top has been a five wave affair, which adds confidence in the view that wave [C] has begun.
Wave 2 could still be ongoing, but should ideally hold resistance in the 1,176 area, from where wave 3 down to the 1,030 area should be seen.
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