The broad bearish outlook :
Gold continued to retrace through the anticipated Fibonacci 0.618 level at 1197.1, now in three waves as the corrective wave ii. Falling lower would suggest that top of the wave ii has formed and the decline in impulsive wave iii of (iii) of the minute degree third wave is resuming.
The broad outlook remains bearish against the 1215 – as the top of wave (ii). The estimate target for now is 1124.1, where wave iii equals 1.618 times the length of wave i.