Gold Still Has More Downside First

Looking at the wave structure and Fibonacci retracement levels on a large time frame, we can see that Gold is trading at the 38.20% retracement. I don't believe that wave 3 has completed to the downside and expect that although price may hover around here for a while, ultimately we will see 1560 before a significant rebound. I will be looking to enter at that price.

Targets to the upside will depend on whether the corrective structure breaks after 3 or 5 waves but I have a minimum target of 2200 at this stage.

Happy trading!

Linton