Gold retracement

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Full credit for graph goes to Jesse: https://jessescrossroadscafe.blogspot.com/2011/09/gold-daily-and-silver-weekly-charts_23.html

Could a plausible scenario be that we bounce at 1610, rally back for awhile and then go down to test $1542? If history serves, I really don't think gold is ready to just snap back to all time highs and forget what happened.

Thoughts?