Combining fibonacci and elliot wave for possible scenario for gold.
The elliott wave count may be
1. Major wave 2
2. Corrective wave b
3. Minor wave 3
4. Subwave 2
The fibonacci componant is projecting Wave 2 completion at $ 882 . Nearer term , a .618 retracement of the Subwave 1 has price at $ 1217.
So maybe gold as a possibility has the potential to move further down from the present close of $ 1255 towards $ 1217 , before a major movement up towards $ 1583.
The elliott wave count may be
1. Major wave 2
2. Corrective wave b
3. Minor wave 3
4. Subwave 2
The fibonacci componant is projecting Wave 2 completion at $ 882 . Nearer term , a .618 retracement of the Subwave 1 has price at $ 1217.
So maybe gold as a possibility has the potential to move further down from the present close of $ 1255 towards $ 1217 , before a major movement up towards $ 1583.