A lot of Fibonacci details here but it looks like it all fits the picture. The adx tool appears useful as well.
the Elliott wave pattern shows a wave 4 topping zone here (1240-1300 area, ok, and if it holds ok, "should" try to generate the next rally back to retest the 1370 topping zone. but could get capped anywhere from 1300-1377 . and be taken back down by the Cartel. Its looking like the critical support zone is 1200-1230 area, and it also looks to me like a very key support zone to hold and IF it does hold could generate a good rally. The chart is looking like it intends to make 1200 the bottom base now.
resistance overhead at 1280 and beyond,will be worth watching now. but the 1200-1225 area looks like an attractive support zone. The Iffy zone is 1240-1260.when big technical targets ,like the pivot points and moving average lines are sitting around 1230 area, I don't want to fail to notice those target magnets. they could get hit in the next moves down.
although the "wave 4" sideways would rather stay up above the 1240,wanting to generate the next rally ,100 dollars to 1360. The Cartel will be looking to cap 1300 probably. or else they will really need to cap the wave 5 topping zone (1325-1375 area)
it kind of looks now like a trade range set up, to buy 1200-1225 and sell 1300-1325 for now.
AND... for what its worth, this is also a Head and Shoulders pattern, with the resistance shoulder at (1280-1310) area. IF the Cartel wanted to slam gold down now, the pattern is set up for it.
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