Gold targets $1650 and $1550 in the next wave lower

Gold prices are expected to drop towards $1650 and $1550 mark if Wave 5 has resumed from $1756. The metal has been drifting sideways since then and it might be preparing for yet another rally towards $1770/75 before reversing lower. It is not mandatory though but probability remains before turning lower again. We remain prepared to add more short positions around $1770/75 mark but overall structure continues to remain bearish towards $1550.

Remain short against $1876, towards $1550