Gold is moving nicely to the downside and has already dropped below the 5000 level and I think that from here we should be aware of even more weakness, as the whole decline from the 5200 resistance does not yet look like a completed impulse. It appears that the market may still be in the middle of this bearish sequence, which could keep pressure on the downside. As long as the market trades below 5125, the outlook remains bearish with a possible target near the 4800 area.
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