The correction may consist of three small waves labelled a, b, c. The first two waves have unfolded, while the wave c is heading towards the trough of the wave a at $1,352.20.
Gold has been zigzagging up within a rising channel. After failing to break above the upper channel line, it is retracing towards the lower channel line to seek a support around $1,352.
Only a rise above $1,384.10 could signal the resumption of the uptrend towards $1,400.
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