Gold is having a huge bull run and there is no need for it to slow down as of yet. The COT Data suggests shorts are being loaded up by commercial players, however, I don't think we will see a significant bear presence until we break the 2000 region. I have illustrated what we can expect next, avoid trading against the trend at all costs.
I see your idea allows for some possible downward momentum, I also believe this is possible but more to gain a new highest ever high, (“avoid trading against the trend at all costs”), never truer words said, we get a better entry. +1