Gold Update
We’ve finally ‘tipped’ our second downside target at 1174. We now need to see this low conclusively rejected to confirm the completion of the entire corrective pattern below the 1224 high from 20150406. In the meantime, a further probe back to 1157 cannot yet be ruled out.
Overall, although the weekly pattern above 1131 is not yet a convincing bottom formation, the significance of the level continues to suggest the possibility that current lows will mark the completion of the entire decline off the September 2011 1920 high.
Next intermediate support below is at 1166.