Gold has approached the Green Target box that starts at 66.7% retracement of wave 3 up.
Here bulls should wake up and defend that level because drop under that level would question the whole bullish count that suggests another rally in wave 5 up.
But Gold has a similar problem to what we discussed in the last update on silver.
Subwave C of wave 4 down is supposed to be structured as five waves down (see the chart below).
We can argue that the structure inside the red box is a completed five wave down structure.
But the final push lower does not really look like wave ( v ) down but rather subwave ( c ) of wave ( iii ) down (see the chart below).
That micro count argues that gold is only bottoming in wave ( iii ) down and should dive again in wave ( v ) down after a pullback in wave ( iv ) up gets completed.
Bulls can prove that gold has bottomed if they violate resistance at 1,923.20. Until then we have to favor more bearish scenario where gold will push lower in wave ( v ) down after completion of a temporary pullback in wave ( iv ) up.
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