Gold Future price marked a low 1162.10 on 06/05/15, as long as Gold Bugs can defend the critical support 1161.75 (0.786, standard deep retrace ratio), VST bounce for tactic scalp is possible. Be aware that gold price is very speculative in nature. Do You Own DD.
No matter how E-wavers label their wave counts, the projection target is engaging a set of Fibonacci series that comply with trend lines, chart patterns, and prior High/Low. Here are a few examples:
Gold is not finished with its Primary wave A decline. Therefore we would expect Gold to make lower low, or retest the low, before its Primary wave A ends. The low so far is $1,130. (EDIT: 1130.40 on 11/07/2014)
Summary: It is more likely this downwards wave is incomplete. Confirmation would come with a new low below 1,162.80, with the target at 1,157. Alternatively, it is possible this downwards wave is over now