From the 2015 lows to the 2020 highs, gold traded a .38, but never did trade a full 50% retracement. Then looking at the 2020 highs to the recent lows, it traded a 50% retracement. It just so happens, the 1.23 downside target aligns with the longer term 50% retracement in the 1600 area. This would certainly frustrate bullish folks and setup for a rally.