Zooming into more detail we can better see wave formation and there is a good probability gold will make its low by mid 2016 and no later than Q2 2018.
Ideal wave completion would be on the D234ML and W034MLL intersection in Q3 around 830 .
Prices are in the lower half of the Q correction channel and have failed to break out. Also the Q012 and Q123 ML's are no longer offering support and we now have a gap that needs to be filled and that means prices should rapidly move to the MLL once support on the red dashed line fails as it has already been tested 3 times. The Q012SP MLU to Q3 MLL would complete a wave amplitude and would project a low 875, however in accordance with Newtons for each action there is an equal and opposite reaction a panic will cause a spike low on the YMLL (bottom black dashed line) which would not be unexpected as the last gold bug monkeys need to be shaken out of the trees giving a low in the 750 region in Q2.