Analyst thoughts: Gold Long-Term

VIEW RETAINED: CORRECTION WITHIN THE MAJOR BULL TREND

• The long-term bullish view to T1/T2 remains valid and the illustrated view is retained.

• A distinctive 1,2,3,4,5 primary bull trend pattern is unfolding from point X. The PQ fourth phase was completed at the Q/S2 previous bottom.

• The fifth and final bullish leg should target T1/T2 before reversing into a meaningful ABC correction back to S1**.

• The expected interim bearish reversal off R1 (phase ii) is developing, as expected.

• The current bullish reversal off S0 could have been the start of phase iii to T1, but it is also possible that the R1/S0 consolidation phase is not yet complete. This alternative will postpone the advance somewhat.

• S1** is pivotal for the generally bullish outlook.

• Medium to high conviction

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