I suppose that we are at the end of the yellow ABC. This will result in lower Gold until mid November. I prefer this as we are just under the cloud and at the upper line of the falling Schiff pitchfork.
A bullish scenario would be that we are on the way of violet CD which would take us almost up to the 2 year old former major support from where the previous long term uptrend had ended in April.
I suggest that the price will move towards the yellow D first and perhaps will stop at p and the will move up towards an imaginary violet D that will be somewhere near the blue "Durchbruchslinie" preferabely below 1500.
A bullish scenario would be that we are on the way of violet CD which would take us almost up to the 2 year old former major support from where the previous long term uptrend had ended in April.
I suggest that the price will move towards the yellow D first and perhaps will stop at p and the will move up towards an imaginary violet D that will be somewhere near the blue "Durchbruchslinie" preferabely below 1500.