The big arrow on the top signifies the trend break.. So the Elliott wave counting starts now. From my point of view, we are in the third subwave of the third major wave which is bearish in nature. The wave is at the 31% retracement on the 4H chart. I think it might break it and go down till 50% at least before reversing.
1290 i think.. The reason why I'm not giving out a target is because so many of them are betting long on gold right now. I'm probably one of the few who still see a bearish chart. If my count is correct, then we are in the middle of the third subwave of the third major wave. That's the best wave we can be in. So the target is 1.618*(1340-1308) pips from the beginning of this wave(1313).