XAUUSD Gold completed the major correction ? Ready to big fall ?

August 18th, we have published our midterm forecast and put our midterm and longterm targets. - Fundamentally and Technically - see the attached idea " How deep can the strong Dollar push the Gold?"

Price tested the 1240 resistance as we have explained on that idea. - Fundamental reasons based on ETF short positions -

We have published a simple DXY vs GOLD idea Oct 19th and the price hit 1244 as anticipated. - see the attached idea of " Gold Vx DXY "

1256 USD appears to be a midterm trend reversal level and we do not see any fundamental reason to support Gold's trend reversal.

We have published a Bat Pattern for our members - see the attached Bearish Bat pattern -

As seen on the chart we have a Bat, Deep Crab and Butterfly patterns confirming the reversal of the shorter term bullish trend. On the smaller chart timeframe -H1 Chart- another bearish harmonic pattern confirms the reversal.

The price may retest 1244-1250 region which we plan to short XAUUSD.

What can be done:

* Stop Loss of the Short trade is daily closing above 1266.
** Short at the potential retest of 1244-1250
*** Short at the breakout of the trendline - as shown on the H1 Chart-

Our Targets:
Shortterm: 1218 - 1207 - 1198
Midtterm: 1156 - 1120 - 1080

Comment:

TL has been broken. Closing below 1228 can be used as opportunities of adding short positions.

Comment:

TP2 Reached. 1218 support is broken. Next Target is 1207

Comment:

Trade closed: target reached:

TP 2 Reached.
Bigger Picture

Comment:

TP3 Reached