Gold – minor correction likely

TVC:GOLD   CFDs on Gold (US$ / OZ)
Gold’s drop to a low of $1181.70 yesterday pushed the daily RSI into the oversold territory. The daily MACD shows loss of bearish momentum despite prices dropping to fresh multi-month low.
Hence, a corrective move to $1200 is likely.
On the downside, a strong support is seen directly at $1171.85 (61.8% of Nov 2015 low – Jul 2016 high).
Agreed. It should hopefully start bottoming out at the strong support you mentioned and begin a C wave upwards soon afterwards.
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