On the daily chart of gold we see metal trading in a possible seven-swing correction from the lows, which can in weeks or months ahead look for resistance and a bearish turn near the 1250/1300 region.
A later drop in impulsive fashion (five-waves) from the mentioned area, and a break below the lower channel line conneceted from August lows and a further break below the 1181 bearish level would confirm a completed blue wave B correction and a bearish continuation. This bearish continuation could develop in a five-wave cycle.
GOLD, Daily
