This is an ongoing study of Gold.
Currently expecting some consolidation for a micro wave 4, looking to retest recent high of its wave 3.
Below current price is a zone defined by two very important Fibonacci Extensions.
The Important Fibs:
The orange 11.089 extension is from this fib:
yes, believe it or not, a move from 254.40 to 340.45 in 1999 was the ''pebble'' that hit the water and we are now observing the ''ripples'' that resulted.
The red 3.618 is from this fib:
The Fibs and Elliot Wave pattern indicates one more wave down to come
GULP
Currently expecting some consolidation for a micro wave 4, looking to retest recent high of its wave 3.
Below current price is a zone defined by two very important Fibonacci Extensions.
The Important Fibs:
The orange 11.089 extension is from this fib:
The red 3.618 is from this fib:
The Fibs and Elliot Wave pattern indicates one more wave down to come
Note
Gold hovering just below resistance but has pierced and not dropped yet. it might go a little higher, so will be looking for shorts after the weekend 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.