Gold is in sharp reversal mode from all-time highs after a completed big five-wave rally, so current pullback is probably corrective. We are tracking two counts, where both suggests another leg down. The primary labeling suggests that market is now in sub-wave 4) of (C) that could bottom around $1,000 psychological level at the end of the year, or maybe in 2014.
Primary Wave Count
The second count also suggests a bottom around same levels as mentioned above, but this one shows only temporary low for wave (A) of a much bigger three wave fall.
Alternative Wave Count
Next Page: Gold, Daily