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Gold’s decline from the early-December highs has been severe enough to cause many bulls to give up. This is what a correction is supposed to do, and in my view, it is a correction. The weekly chart shows that the March 2008 highs are being tested. The weekly OBV did confirm the highs and is now below its WMA, but at support. The daily triangle is still intact in terms of both price and momentum. Before the correction is complete, one more new correction low (1038-1042) is possible with key support at 1029.
