Technical Analysis:
The corrective wave in XAUUSD may not be complete yet, as I believe there is still more downside potential. The 2470 level is critical at this juncture. Both silver and gold are approaching important areas, so I would refrain from taking aggressive long positions at this time. Confirmation of the next move may become clearer by tomorrow or Monday. I expect a retracement towards the 2500 level on the upside, but a break and close above 2520 would confirm a new impulsive move. Until then, my stance remains cautious, as we are still in a corrective phase.
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