The long consolidation of gold
prices could characterize a wave 2 or be part of a very elaborate (C) wave of the type a-b-c-d-e
(extended). If wave 2 has been completed, then wave 3 has to overcome a very strong resistance provided by the Ichimoku cloud
in order to reach the resistance line at 1270 (approximately). The terminal (C) wave that follows both scenarios leads gold
prices towards the highly probable support range of 900-1000, with 950 being more likely.