Gold is approaching 1.618 reverse fib and 1.18 fib extension near the same area of $1924 - $1927
Since Gold blew through Fib 1 at $1893, we should see a retracement toward this at a minimum.
if $1925ish doesn't hold, $1958 then $1998 are the next area of retracements or take profits if you are holding longs.
$1925 could be an area to burn time/pause.
2 Elliott wave scenarios:
1) In green W-X-Y represent a double zigzag. Fib extensions fit perfectly where wave 3 is 118% of wave 1 and wave B is almost 100% of wave 5
2) 5 wave decline in blue and a large extended wave correction labeled A-B-C
If $1927 holds and we have a swift movement down (2nd scenario), strong daily candles. It'll be the start of a long 5 wave decline, months, going below $1614
Since Gold blew through Fib 1 at $1893, we should see a retracement toward this at a minimum.
if $1925ish doesn't hold, $1958 then $1998 are the next area of retracements or take profits if you are holding longs.
$1925 could be an area to burn time/pause.
2 Elliott wave scenarios:
1) In green W-X-Y represent a double zigzag. Fib extensions fit perfectly where wave 3 is 118% of wave 1 and wave B is almost 100% of wave 5
2) 5 wave decline in blue and a large extended wave correction labeled A-B-C
If $1927 holds and we have a swift movement down (2nd scenario), strong daily candles. It'll be the start of a long 5 wave decline, months, going below $1614