Gold is falling sharply but still not necessarily within wave 5) down. However we are tracking an impulse down from 1345 but that leg can be wave (c) of D as shown on new updated count. If that is the case that 1200 should act as a support in days ahead and send price up into wave E of 4).
At the same time we are also tracking a second directly bearish count where wave E can already be done. That count would be confirmed after a break of 1182 low that opens door for 1000 psychological level.
GOLD Daily Elliott Wave Analysis # Count 2