Gold: Breakout of Uptrend Open Door To Shorts

Price in gold has broken below a long term uptrend with a sharp impulsive move and it's now seems it's in a corrective structure having already formed waves A, B of a potential ABC correctice pattern. If price rallies and reach the previous broken level at the 0.618 fib retracement of the impulsive wave we should have the completion of the correction and a great opportunity to sell the market. I will update with the exact setup when it completes.

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Comment:

Altough price dropped as expected, i didn't join the ride as i was waiting a deeper correction. Now what i will wait for is a correction and after it ends i will sell gold. For those who are already in, you may add and trail to make this setup a huge one

Comment:

This analysis worked great. I posted a new one about gold. Check it out..!