The broad bearish outlook :
Gold has retraced to the anticipated Fibonacci 0.5 level, impulsively! Hence, the correction might continue to develop the ongoing wave ii in an ABC zigzag – now through the Fibonacci 0.618 retracement level at 1197.1.
Subsequently, the decline in impulsive wave iii of (iii) of the minute degree third wave will be resumed…
The broad outlook is persistently bearish against the 1215 – as the top of wave (ii). The broad target is now 1133.4, where wave (iii) equals 1.618 times the length of wave (i).