Gold has more work to do but this Fib pattern is saying gold may churn around for several more months and then develop into a buy signal.
Gold takes time to develop big buy signals.
As long as key support of 151 holds then the gold bull is well and alive. If 151 is decisively broken to downside then it opens the door to a much longer pause for the gold market.
The recent break under 151 was not confirmed with volume and was a possible shakeout.
By the way, SLV or Silver also has a similar size Fib Pattern showing similar potential bullish long term signals.
Gold takes time to develop big buy signals.
As long as key support of 151 holds then the gold bull is well and alive. If 151 is decisively broken to downside then it opens the door to a much longer pause for the gold market.
The recent break under 151 was not confirmed with volume and was a possible shakeout.
By the way, SLV or Silver also has a similar size Fib Pattern showing similar potential bullish long term signals.