this is only the case if u think we're still in a bear market. technically if gold is above 200dma its not bearish. a retracement to 1190 is normal. the 2009-2011 rallies had 38% retracements during its rally to 1900.
Loii
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btw we have already broken that resistance wedge line. even though we're below, a retest of that line is inevitable
GoldGirl
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1290 or 1190 for scenario 1? Could you please clarify?