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    Gold wave analysis for February 17, 2016 2016-02-17

    Gold is trading above $1,200 supported by the 38% Fibonacci retracement. Can the entire downward move have ended? What must happen to gold to make it rise towards $1,300? My preferred scenario is that gold price has ended a wave 4 at the 38% retracement and has reversed as we expected yesterday. Now it is important for gold to continue its impulsive upward move.

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    Blue line - support trend line

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