Will decline of Gold be extended to lower levels in the coming weeks?
In a bearish view on the weekly chart frame, bearish concept of the leading diagonal formation as wave (1), would infer to extend the following waves on the down trend persistently. Based on the conceptual idea, fifth wave of the ongoing five-wave sequence A(circled), could still be extended to lower levels.
How far down can the ongoing fifth-wave be expected to be extended?
According to the bearish alternative, an expected fibonacci target for the extended wave (5) of A(circled), could be around the 950 level, where establishes an equality ratio with the wave (1).