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Fibonacci gold chart picture.

In the Fibonacci playing field, this is what the price action pattern looks like, in relation also to the Elliott wave patterns.

Fibonacci chart picture for gold.

The bearish bias would be looking at a capping around 1330 and a downwave starts from there that retraces all the way back to retest 1230-1200. Since price is already at the target zone, its possible we could see the downwave begin now, but the geometry suggests it could zig zag around here for the month and when the time is right,the Failure in this 1330 zone could begin then. support zone from 1290-1280 area and the 200ma zone 1270 could hold for a while, and then 1300 would be the resistance to Fail, and 100 dollars down to target 1200 is the trade. target zone for the downwave looks like 1175-1200-1225 area.

The bullish bias in the chart pattern would see Gold holding support around 1280/1260 area and rallying to the moon and beyond,like we've been told to expect for the last 10 years.