Gold on the monthly timeframe is on it's way to complete its wave 5! On the 4hr time frame we get to see the markets fractal nature as gold is still Correcting its wave 2 of wave 5, inside the wave 2 we get to see a ZigZag structure:A(12345),B(ABC),C(12345) in the current state the wave 3 of the C exhausted all the room the was to go further to the downside since it fell to the base of wave 1 of the final wave 5! Thus the outcome of this will be to get a truncated fifth of the C in the Zigzag correction!
With that Being said the market can continue and rise to the upside to form the fractal wave 3 of wave 5...