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Gold was once again in focus as international gold prices declined below the April low at $1,320.
If we consider 50 per cent retracement of the up-move from $680-lows, we get the target at $1,300.
The metal is currently halting here. Next long-term support based on Fibonacci retracement is at $1,155.
If we consider the wave counts of the move that began at $1,920 peak in September 2011, the third wave is currently in motion.
Next targets for this move are at $1,261 and then $1,170.
Recurrence of the zone around $1,155 in various counts makes it a good place where we can look forward to a halt if the gold prices get into a serious decline. The prices would need to record a weekly close above $1,475 to signal that the worst is over from a short-term perspective.
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