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Bullish alternates on gold

Gold had broken out from a triangular pattern and tumbled sharply. It achieved the equality target on the downside and the price started moving higher. The yellow metal formed a channelised three-wave rise and has done a minor-degree correction. It has retraced 50% of the rise, which is acting as a key support. The yellow metal can take form of a triangular pattern before moving higher. The bullish potential remains intact as long as the level of $1,272 holds on a closing basis. On the upside, it can test the high of $1,433.

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