Gold has traded higher as I anticipated in a corrective manner. Notice that the daily chart is looking like a Head & Shoulders pattern. Should price trade below key support, a high probability exists that the corrective move from (1)/(A) or 1329 had ended.
Turning my attention to the 120 min. chart, I believe that w.2 is a double zig-zag pattern. The subdivisions imply that gold will trade back down in w.b, followed by a final rally to w.c of w.Y of w.2. Trade above 1424.2 would negate this interpretation as w.2 termination can't exceed the origin of w.1.
Best of Trading
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