Supporting the possibility of it going to the 0.786 from the 0.618 on the daily , gold on the 4hr time frame is making a bearish structure that can possibly be an abc(zigzag) correction currently making wave (B). we therefore wait for short term bearish confirmation on the 1.618 extension or 1.272 extension of wave c of (B). The other scenario confirming it rising from the 0.618 on the daily will be if the extension levels fail to hold. H4 short for now.
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