On the monthly chart, gold's most recent pullback (bearish) caused congestion around the 61.8 extension dropping a little further but not touching the 78.6 (when Fibs are drawn on the previous bullish impulse leg). Now with fibs on this bearish impulse leg down we can see that price has retraced to the 50% level which is forming indecision at the retest. This could become an area of consolidation or it could proceed further back to retest the 1.272 extension of Fibs. Happy trading and always protect your capital... trading involves significant risk.