From EW structure it seems that Gold is completing a correction to the first wave of the descending impulse. The correction was expected to end at 1205.66 (classic 0.618 retracement, equality of A and C - all by the book). But no, the technical bounceback from that level did not result in a sustained decline, but instead started forming wave 4 of wave C.
I expect therefore Gold to raise just a tiny bit more, in order to complete wave 5 of C. Truncations are rare, so we need to exceed the level of 1205 by a fraction at least. I think the next plausible end of the upward move can be 1215 where 0.768 retracement of wave 1 and 1.382 C to A relationship will meet.
Once the correction is over we will resume our decline to 1102, which will be the end of wave 3. This decline should correspond to another leg of downward movement in EUR and Crude.
I expect therefore Gold to raise just a tiny bit more, in order to complete wave 5 of C. Truncations are rare, so we need to exceed the level of 1205 by a fraction at least. I think the next plausible end of the upward move can be 1215 where 0.768 retracement of wave 1 and 1.382 C to A relationship will meet.
Once the correction is over we will resume our decline to 1102, which will be the end of wave 3. This decline should correspond to another leg of downward movement in EUR and Crude.
