Tomorrow is the day of a closing print on the monthly candles. As I mentioned in my previous monthly update: ” While gold could temporarily bounce to 1760-1790 area, I am expecting it to target 1640-1440 area in this correction, the targets that I identified in the middle of August 2020 in the Very Long Term chart.

If the stock closes tomorrow below 1717, I would be expecting a continued decline for at least a month.

If gold closes above 1717, the next move would depend on the type of candle formed and I will try to address it in my monthly update.

I am sharing a long term monthly chart that I recreated on the Gold Spot.

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