Gold is still seen moving in the correction of the channel impulse wave "X" ($ 1,178 - $ 1,392). Therefore, if in the case of the correction wave "Y" + "Z" is equal to the wave "X", then the end point of wave "Z" is projected to end at $ 1,195 (dotted blue line), and have a common point with proportional posture of "The Youngest"
On the other hand if the correction wave (c) of wave "Z" associated with the Fibonacci 1.618% of correction wave (a) $ 1,345 - $ 1,280, then the wave (c) or "Z" is projected to end at $ 1,217 (red line dashed) and in proportional posture of "The Youngest" is at $ 1,215.
Is this week's closing trading price could settle above $ 1215 or below $ 1,180?
I still stand on my point of view that gold will not fall too far to $1,000 if the $ 1,180 had broken.
From The Desk Of A Newbie