With the recent Ending Diagonals on OANDA:XAUUSD as shown in the chart below, Gold is currently starting the Correction of Wave A/1 of downward movement which started in the first week of May. On Various brokers, the price went beyond making new ATH almost a month ago. But in my opinion, that was just SL hunting done by whales to squeeze out the retail short positions before moving the market downward.
I personally expected that and managed my trade accordingly for it.
So far, this whole month has been in the 5 Wave downward move and still it just finished last week as shown in the chart.
This Week, the price of Gold is expected to rise since the downward impulse is [s]over[/s] with our Wave 5 as shown. I will personally be keeping a close eye on the Correction of this 12345 Impulse to see rather it will be considered as Wave ACorrection or Wave 1Impulse of bigger downward movement.
As shown in my previous analysis of Gold on Weekly Timeframe, there is still a big possibility that we are in the start of a [s]Bear Market on Gold[/s] and I am planning my Gold Trades while keeping that scenario in mind.