Whilst a lot of focus was on the diagonal support structures for gold, including a bottom at $1240, I prefer this more technical explanation.
The price has basically completed 3 drives down:
1) 1370 (top) to 1303
retrace to 61.8% line at 1328
2) 1328 to 1284 (1.272% extension)
retrace to 78.6% line at 1317
3) 1317 to 1261 (161.8% extension) = COMPLETE
We now need to see this back above the 1.272% Fib (1284) to confirm...
The price has basically completed 3 drives down:
1) 1370 (top) to 1303
retrace to 61.8% line at 1328
2) 1328 to 1284 (1.272% extension)
retrace to 78.6% line at 1317
3) 1317 to 1261 (161.8% extension) = COMPLETE
We now need to see this back above the 1.272% Fib (1284) to confirm...