GOLD Topped around 1925 at life time high. Then GOLD Fell sharply but limited to 3 waves. Blue Wave (C) is in progress. We can clearly see ending diagonal on 5th wave which is an important indicator of trend reversal. With this in mind, we can predict that GOLD could bounce strong to the upside from low in days ahead.
As per Elliott Wave perspective it seems that GOLD recently has finished five moves down. After every five moves, there are 3 corrective move which is called Corrective Wave. Since we are at the beginning, we can opt for Buy Trade. So aggressive traders may enter in long trade with very tight stop loss of 1167.