Doom or gloom, we will see 2k first. And above 2k later.
Investors betting on Biden to bring economic recovery would come to realization of inflation. And the need for safe haven has not diminished yet with new lockdown likely to come in US due to increase virus cases and new strain. Also December seasonality for GOLD accumulation has not faded.
Daily close above 1870 and Bulls are ready for 2k. Remember EW theory is a shallow wave 2 begets a deep wave 4. The ping on the fib line rang a bell for bull and found linear regression support. Another pattern formed here is an inverse H and S.
We follow same plan. If we have a (b) wave later then we could say our retracement was (a) in 5 waves (i-v), else without (b) and a shoot straight up we could say our retracement was a w-x-y-x-z and that is the end of wave 2.