In my previous analysis, I was very bullish on gold :
However recent structures made me very bearish and right now, I think the drop to the downside from triangle is more likely, than to the upside. Last move to the upside is only ABC move, with wave B as a triangle. We got nice rejection, so I am expecting soon drop at least to the trendline of triangle and then we can bounce up or we can drop deeply, down to 1760 USD. That big drop would nicely correlate with drop on crude oil and generally with strengthening dollar.
I am not in short yet, but if we drop below 1960, I will open short.
However recent structures made me very bearish and right now, I think the drop to the downside from triangle is more likely, than to the upside. Last move to the upside is only ABC move, with wave B as a triangle. We got nice rejection, so I am expecting soon drop at least to the trendline of triangle and then we can bounce up or we can drop deeply, down to 1760 USD. That big drop would nicely correlate with drop on crude oil and generally with strengthening dollar.
I am not in short yet, but if we drop below 1960, I will open short.