Gold made quite a deep retracement but for now only with three waves, labeled as A-B-C on 4h chart, so decline can be corrective while market trades above 1237 level. In fact, notice there was a nice bounce from 1257 in the last few sessions which could be low of wave C if we consider a broken channel line today. That said, we think that uptrend may continue towards 1320 and even higher based on upward projections on higher time frames.
Are you also wondering where is GOLD headed short-term? We have special intraday updates for active day traders. For more details, visit our page at www.ew-forecast.com