In 4 hours chart, price reversed nicely when the completed. But I expecting a instead. Reason is due to the FOMC meeting which increased the probability of June rate hike (given that the economy data is good enough). But still their intention to rise interest rate is quite clear. So lets wait and see whether Gold price will be able to push all the way down to 1217 - 1218 or it just go all the way up to 1260 (Fibo 38.2) or 1271 (Fibo 61.8). Currently price testing it resistance at 1256.
I consider BC leg 2.24 instead of XA leg is because BC 2.24 level fall exactly on Gold which increases it probability of trend reversal.
I'm only providing my own thought toward the market but not making any trade call. Trade what you see.
Hit the like button if you agree with my idea and feel free to comment in a respectful manner if you have a different view on it. Appreciate :) Good luck
will it break ? or bounce back ? anyway I'm still bearish on Gold ... be patient and Good Luck :)