A Fibonacci retracement on the rise from the Oct. 15 low of $1,251.66 to the Oct. 28 high of $1,361.60 reveals that the current downtrend has extended below a support at $1,278, the 76.4 percent level. There won't be any other support until gold reaches $1,251.66.
A wave pattern shows that gold is riding a powerful wave (C), which is heading towards its 61.8 percent Fibonacci projection level at $1,249.
A further rebound from the current level may be limited to $1,278.
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