On the weekly chart of gold, we see price trading in a higher degree wave B correction from the lows, which can be part of a gigantic A-B-C decline, down from 1922 highs. That said, we are observing a three-legged move within wave B, that can face resistance, and a bearish turn near the Fibonacci ratio of 50.0/61.8 (1500/1600 area).

A later drop in impulsive fashion (five legs) would confirm a completed wave B and a new bearish, five-wave cycle towards new lows.

Gold, weekly