A potential scenario for gold, this one favouring the bears.
The weekly time frame provides 2 long term averages
1. 100 MAV - 1217.54
2. 200 MAV - 1233.45
So price over the long term is very close to its average , and maybe there is further room for the current price to correct down to the mean.
Wave wise
1. Corrective Primary wave 4 ended in Dec 2015.
if so a new uptrend is in play for gold with Primary wave 5 - wave count then is
1. Primary Wave 5
2. Intermediate wave 3
3. Minor wave 2
4. Minute wave c
- Fibonacci retracements of .618 and .786 of minor wave 1 has wave c projecting to 1159- 1188.
At that price the party is likely over for the bears.