Gold testing the mettle of many traders as its meandering waves are measured for bullish or bearish potential

Readers here know that I've looked at the gold "wave patterns" for many months, from long-term and shorter-term perspectives. And it's still possible to give the bullish case some credit, but the focus is narrowing for it to strike out in the bullish versus bearish direction. The last rise over the past few days took it to a .618 retrace back to the June highs, but then yesterday it dropped hard again. Notice that it conveniently dropped right back to one of my trendlines on my gold daily chart (below). The indicators dropped right off also. Funny that the Fibonacci .618 number is sometimes called the "golden ratio"! Watching that level is going to be one good way to take gold's measure, letting it either try being bullish or, as I've come to suspect, weaken off into a more bearish situations for the coming weeks (and maybe months).