Based on the time frame (TF) I consider, GOLD is now doing a corrective wave (B) after it completes the non-standard correction wave (A).
At the time I am writing my analysis, GOLD has a strong decline, after the label c, which is a good timing for shorting. However, there is also a considerable possibility that the wave B is not yet complete, by considering the current wave as the wave x of the non-standard correction, with target price (TP) at 1780.
Nevertheless, I would say that the short position is still a better bet for GOLD at the moment. My first TP is 1746, whereas my second TP would be at 1742.
Please kindly note that this analysis is NOT A FINANCIAL ADVICE. Good luck!
Comment
⋅
TP 1746 was hit.
Trade closed: stop reached
⋅
The probability of GOLD doing a non-standard correction in wave B is higher. With the time constraint considered, TP 1742 is unlikely to be possible.
Comment
⋅
What to do next? Long or Short? I may update in the next analysis.