Gold is trading in a correction wave after it formed its summit in 1346 near the upper side of the triangle and corrected the support levels of 1280 before rebounding to test the strong resistance of 1322.

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The bears are trying to reach the support levels 1275 at Fibonacci 38.2 for the wave 1160 - 1346 and the resistance 1268 and by successfully breaking this support opens the way for the continuation of the correction to the levels 1254 - 1260 at Fibonacci 50% for the same wave.

In the short term, the metal is facing strong areas, the most important of which is 1295-1302, we need to break these levels to target the bottom 1280 and continue the correction.

On the other hand, it broke through the 1346 summit by ending the correction to target 1357-1365.