Gold is turning slightly lower after the recent rebound, which unfolded in a corrective manner with a three-wave move into the 4661 area. Now price is trying to break the lower trendline of the corrective channel, which suggests that more weakness could be ahead.
So traders should be aware of a possible retest of the 4500 area. Especially as the gold silver ratio still looks like it has room to move higher, possibly out of a wave B triangle. If wave C higher on the ratio unfolds, then metals could come under additional pressure, as rising ratio typically signals weakness in metals.
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