Gold Correction on Cards!!

FX:XAUUSD   Gold Spot / U.S. Dollar
Gold             has given a 5 wave rally from its bottom which looks to have completed now 4th Wave being an expanded flat correction . I would expect correction to start from current levels in gold             and expecting atleast 50% correction of the complete up move which is also near the bottom of wave 4 around 1210 Levels. One can go short on gold             now with Stoploss just above 1380 and Targets around 1210.. NFP reports could give a spike up and then fall or fall rapidly from current levels itself. Overall I am looking for a correction.

Happy Trading!!

Siraj Hudda, CFTe

Skype: sirajhudda
Comment: One upmove could be possible with NFP reaction..

Comment: Target is nearing..
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