Gold has been depressed in 2020, for several reasons. However with inflation creeping up, it will be difficult to hold it below its ATH, that is just 8% away.
Back in 2019, I expected Gold to retrace a lot deeper the last major impulse FIB for the monthly view, it turned out that Gold did better, and stayed around the 38% retracement, a sort of bullish thing I would say.
I expect Gold to slowly trend here and perhaps take out the ATH some time between Q421 and Q322.