Gold price corrective pattern

٣ سبتمبر ٢٠١٥

It appears that since January 2015, gold follows an extended (W)-(X)-(Y)-(X)-(Z) corrective EW pattern. The main question now lies, whether 1167 was the secondary (X)-wave termination, albeit covering a brief period of 32 days, or by targeting (say) 1200 a more expected 62 day period might take place for the ending of this particular reactive wave. The final (Z)-wave, whenever it materializes, could very well drive prices at/and or below the level of 1000.