Gold seems like entered in a correction wave (especially a Regular Flat pattern) which has begun on March 9th with the end of 5th motive wave at 1702$.
The subsequent drop, enhanced by the coronavirus fear has drawn the A corrective wave, retracing exactly at the 4th impulsive wave.
Regular Flat pattern forsee a 1.236 wave B respect of wave A which has been drawn on 14th of April at 1750ish.
Now could have been started the wave C which naturally should end at 1.236 of wave AB, but honestly I see unlikely due to the huge drop of March.
Additionally on Daily TF, Gold is drawing a huge Pennant that if Broken could make a waterfall.
Maybe it could test the 1569 demande zone which rests at 0.618 Fib level.
Anyway is just an idea.
The subsequent drop, enhanced by the coronavirus fear has drawn the A corrective wave, retracing exactly at the 4th impulsive wave.
Regular Flat pattern forsee a 1.236 wave B respect of wave A which has been drawn on 14th of April at 1750ish.
Now could have been started the wave C which naturally should end at 1.236 of wave AB, but honestly I see unlikely due to the huge drop of March.
Additionally on Daily TF, Gold is drawing a huge Pennant that if Broken could make a waterfall.
Maybe it could test the 1569 demande zone which rests at 0.618 Fib level.
Anyway is just an idea.