GOLD: Metal Can Look For A Short-term Support Near 1180/1185

Gold keeps trading lower with five waves from 1285 that now looks more like wave (iii) rather than (c), but in either case we suspect that minimum three wave rally will occur. Reason is a slow price action in current late stages of decline that we see it as wave v) in (c)/(iii). There is also a divergence on the RSI that is pointing for a reversal to the upside, but maybe from around 1185 if we consider idea of an ending diagonal.
GOLD 4h Elliott Wave Analysis