Gold structure continues to paint a bearish picture and the yellow metal remains poised to push through $1650 and $1550 going further. The preferred counts are as follows: The metal has carved Waves 1 and 2 around $1802 and $1875 respectively and since then, Wave 3 is unfolding as a potential extension. If correct, prices should stay below $1854 and continue lower towards $1650 and $1550 respectively. Alternately, Gold might be producing a complex Wave 2 and still reach $1880 zone. For the alternate count to unfold, Gold needs to break above the trend line and subsequently $1854 as well.
Short against $1965, towards $1650 and $1550.
Short against $1965, towards $1650 and $1550.