Here we have a nice 5 way decline in gold starting from the 2011 high to the low of 2015. Now we can have a potential pull back to the 1400-1500 zone which represents a the 50.0 fibonacci retracement from the lows.
If the high of 2016 is confirmed to be an (W) wave, we can have an double or triple zigzag pattern formation with the AB=CD in the 1400-1500 zone
Alternatively if the high of 2016 is an (A) wave of a flat pattern, this would mean that prices can fall to around 1049 by the end of the year.
If the high of 2016 is confirmed to be an (W) wave, we can have an double or triple zigzag pattern formation with the AB=CD in the 1400-1500 zone
Alternatively if the high of 2016 is an (A) wave of a flat pattern, this would mean that prices can fall to around 1049 by the end of the year.