Gold Completed a Bullish Pattern

The rally from $1824 appears to be an Elliott Wave impulse pattern. As a result, a decline back to $1936 or even $1892 would be considered 'normal' under Elliott Wave Theory.

The decline likely hold below the recent high of $2009, but it doesn't have to.

If Gold does rally above $2009, then we'll review the wave pattern to discern what adjustments are needed.

For the moment, gold has rallied in 5 waves and declined in 3 waves so the larger trend is up and look for declines to be temporary.