As you know, Gold caught a massive bid from the Iran Crisis. We have since retraced most of those gains just as quickly. More importantly the critical level of 1555 has been lost.
Plotted are three possible ABC correction patterns. Also plotted is a Green Bullish path which is possible. If ABC plays out, the higher wave B gets the better.
$ 1532/35 is the Minimum Expected retrace target. $ 1517/18 would be 100% retrace of Iran frenzy. $ 1497/01 of course is the critical last stand.
Per my other Big Picture Fib plots, $1555 is a MAJOR Fib line. (with effects for years) Such lines are not easily crossed, especially in rapid succession. (but orbiting possible) Bulls must retake and confirm it as support within a few days. (gets harder with time)
Previous Gold Analysis (click): <= Still Plausible <= Awesome Short <= Just in Time <= Caught the Jump <= To the Penny <= To the Penny <= 9 mos ago
Of course, I have had total FAILS on some ideas too, not going to pretend. But all of my plots show PRECISE entries, TIGHT stops, and EXACT targets. Precision is the way of the Fib. Almost every turn happens at a Fib Line.