Take physic, pomp

For those who care about Goldman Sachs and its technical anal ysis view of gold…

…I was just sent this, hot off the GS presses, Thursday 8am.

2. Gold Daily/ Weekly –The rally since December 3rd continues to look like an incomplete 4 of 5-waves higher.
This means there’s likely going to be at least one more move higher to
fulfill the setup. Near-term support seems fairly strong between 1,192
and 1,185 (includes 38.2% retrace of the entire Dec./Feb. rise). This
entire wave count stands within the A leg of an ABC counter-trend rise.
Over time, should have potential to reach as far as 1,381-1,392. This
longer-term target includes 38.2% retrace of the ‘11/’15 decline as well
as the target from a declining wedge that developed off the Mar. ’14

Do with it what you will.

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