Gold is near to complete correction very soon but only after making new lows as per Elliott wave counts which are suggesting to go short now, on completion of wave 4 it can be an opportunity to buy at lower prices to ride possible start of wave 5 can make fresh impulsive moves of some lower degrees. Right now it is in sell mode only, and can slide south towards $ 1650 and below.
possible wave counts on weekly time frame
macd in weekly is negative
possible wave counts on daily time frame
macd in daily is negative
possible wave counts on 4 hourly time frame
MACD in 4 hourly is positive but till below zero line
possible wave counts on hourly time frame
MACD in hourly down tick and can cross negative soon
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Disclaimer. I am not sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses.