Try to ascertain more information about the target by detuning and getting as accurate of a depth reading and size of target as possible. Targets that pin point very small, and are deep, are worth investigating. Especially if you are in older sites. Targets that pin point wide and not in the same spot consistently are most always junk.
Remember that on deep targets, CZ's ID down, so some deep small targets that have been in the ground awhile such as dimes and gold rings, may ID as iron on some swing passes.
Also, LISTEN to the high tone. Is is harsh, louder, and longer in duration ? The 'good' high tone sounds, on deeper coins, are mellow and shorter in duration. That is, the high tone 'beep' does not 'ring out' as long...the sound isn't washed out. Until you actually dig a deep coin that high tone/ low tone bounced, you won't know what it sounds like.
I have dug hundreds of nails that high tone/low tone bounced, but also lots of deep coins, and the sound is different. You just have to keep using the CZ until your ear and brain can tell the difference. On your next hunt, don't look at the meter. Try to hunt by the tones and when you get those high tone/ low tone bounces, and investigate via detuning and pin pointing, try to guess what the target may be. Then dig it. You have to dig some of them at first so you can know for sure what they are.
The main thing though, is only digging them when in older sites that you know will or have produced deep, older coins. If you are clad hunting or park hunting, leave them alone. Most of those bounces in those areas are probably iron or junk.
JC