corrective decline from 1238 could bottom soon
Gold is lower in this week, but only with three waves from 1238 with latest minor reversal from the lower support line of a corrective channel. As such, we still expect that metals will continue higher with gold headed back above 1238. This could occur already this month if we consider that wave B/2 is now already at former wave (iv). As such, traders must be aware of a new turn up in days ahead; ideally in impulsive fashion. Invalidation level remains at 1131.