We should consider two micro scenarios here.
The first one (shown below) has enough micro waves to consider the gold having topped in the strongest part of the rally, wave ( iii ) up.
However, I can see how Gold may push even higher one more time after a shallow pullback in a micro wave -iv- down ( see the chart below).
Under any of those scenarios gold is expected to test the previous micro low at 2,031 – 2,027.50.
If that level holds then gold has potential for that one more push higher. If Gold decisively drops under that level that would confirm that wave ( iii ) has topped and a corrective wave ( iv ) down is underway.
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