1. Since the top at 1,357 USD gold is in a correction which usually turns out to be some form of ABC-Correction.
If we are still in wave A, the following wave B should take gold back above 1,300 USD. Probably to around 1,315 USD..
After that expect another wave down which might not end before prices around 1,215 - 1,205 USD are reached.
2. During gold´s sell off there was one shallow bounce. If that was already wave B the whole correction is getting close to be finished.
In that case wave C is expected to end between 1,245 USD and 1,265 USD.
Thereafter gold should start the next advance which will not stop at the open gap around 1,346 USD but should take us towards 1,400 USD...
In any case gold is a buy between 1,245 and 1,265 USD
Profit target 1,315 USD or higher
Stopp loss 1,235 USD
Now gold is bouncing nicely and is currently back above 1,295 USD... so one of my two scenarios is very likely in play.. I guess we will see gold rallying until 1,315 - 1,320 USD at least ..
But short-term we reached 38.2%-retracement so expect some pullbacks within this up move which (I have to admit) looks pretty impulsive !!
Stay long and add below 1,280 USD. Stopp 1,265 USD