As may be seen here gold is well above its trendline and its present status is range bound. If you wanted a Basing Point the mid November wave low would do fine. We would look at present minor wavelet lows as buying opportunities, but we would prefer a dump-bump-dump pattern to buy. If we see one we’ll wake you up.
Anyone who thinks the worst is over is asleep. Bears will find a way to hammer the market. They are infinitely resourceful. And gold traders need to flush out amateurs before there is a major leg up.