Gold (now at 1292) topped at 1305.22 ( missing by a whisker my target at 1306.67 - see daily chart below) and started a new downtrend.
If this is just a retracement, the new downtrend should lead to the area 1240.41-1238.18 or even the area 1223.05-1221.45.
Conversely, if GOLD resumed the original downtrend, the yellow metal should finally bottom down at 1089 or a bit lower.
If this is just a retracement:
support 1: 1257.81 -1254.96
support 2: 1240.41-1238.18
support 3: 1223.05-1221.45
support 4: 1203.31- 1201.47
If Gold resumed the original downtrend:
The weekly chart shows that the top at 1305.22 marked the top of "wave e" which is also the top of "major wave 4". A short wave 5 downwards should unfold soon.
Some say that Silver bottomed down on Dec 1st and started a new major uptrend already. Hence, the above analysis would generate an inconsistency given the tight Gold-Silver correlation.
Definitively possible, but for the time being, I stick to the Elliott wave rules which seem to be leading to a new major low.
Some may find the wave labelling in the 4-hour chart and in the 1-hour chart "a bit too bold". Understandable, but it would make no difference. Other interpretations would probably lead to the same result: a downtrend.
weekly chart - click to enlarge
daily chart - click to enlarge
4-hour chart - click to enlarge
1-hour chart - click to enlarge