Before the final drop to cycle lows (1000 to 900), gold has a last chance of a 3rd wave reaction. By adopting the 4hour chart, a bearish bat gives a target of ~1200 (rather conservative), whereas based on wave height 2, the extended Fibonacci levels of 1.618 & 2.618 yield targets of 1204 & 1223 respectively.
Waves 4 & 5 are also possible, yielding higher targets, but this will be investigated in a future analysis as the formation unfolds. The above bullish predictions are cancelled and the primary target sought, if eventually 1200 proves very strong and prices are redirected again towards 1162 and below.
Waves 4 & 5 are also possible, yielding higher targets, but this will be investigated in a future analysis as the formation unfolds. The above bullish predictions are cancelled and the primary target sought, if eventually 1200 proves very strong and prices are redirected again towards 1162 and below.