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Gold Remains Underwater

We maintain a bearish view of gold despite its recent bounce. It is unclear if this rally constitutes wave 2, or some interim structure in something more complicated like a leading diagonal. We anticipate weakness in either case. Meanwhile, it is interesting to consider the possibility of a correlation between the price movements of cryptocurrencies and gold futures.

Note how the price remains underwater formed by Moving Averages on the chart.

Gold, 4-hour chart

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