is Possibily forming an Ending Diagonal
in a Wave c of a-b-c correction which will also potentially complete Wave B or 2 of larger Wave Count completing the correction of over all rally from 1150 to 1375. Gold
has corrected in a 3 wave decline and is not around 61.8 fib retracement levels. MACD
is giving Divergence on smaller timeframes 240/60 giving indication of current declines coming to an end soon.. The current price action suggest that Gold
is forming an Ending Diagonal
which is almost complete or might go up and come down little once more before breaking out of it.. One can take long positions Gold
once the price breaks out of Ending Diagonal
and keep it for long as this could be a start of another Rally going higher than 1375 and probably towards 1500. Its a very nice risk reward entry now to go long.. If it goes down further and continue declining further then my analysis might be wrong and I will not take trade as suggested above and wait for other confirmations.