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  • Writer's picturePeet Serfontein

Analyst thoughts: Gold Medium-Term

VIEW ADJUSTED: SEEMS A DEEPER CORRECTION TO 1890 UNFOLDING.

  • The recent break below R0 has neutralised the immediate bull trend potential with further interim downside to the S1** pivotal level.

  • The PQ-defined downside seems corrective, confirming the preferred scenario of continuing R1/S1** consolidation, as illustrated by the A,B,C pattern.

  • The indicated bull trend to TA1 remains valid, but is postponed and could eventually develop on completion of the expected range trading.

  • Breaking below S1** will negate the generally bullish outlook, while a break above R1* will result in a more bullish bias again

TARGET AND RE-ASSESSMENT LEVELS:

Pivotal Levels: S1**

Primary Trend: R1/S1** ranging, followed by eventual gains to TA1

Prevailing Trend: Downside to S1**

Technical Rating: Medium


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