In my view gold is bearish and sell point is close. Arguments: - 4 week trendline is broken. - divergence in last top(17 jan) - wave 2(blue) looks like clear abc (5-3-5) zigzag pattern. - goldusd move is opposite to usdjpy. and in my view usdjpy is clearly bullish. there may be last little swing up, which should not go beyond 17 jan top. in anyway selling flag breakout will be a good idea. also there is a good R/R ratio! Keep an eye on it! Good luck!
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Before posting an idea I doubted about my wave count. Today price exceeds 17 jan top level.(a little bit, but it does) wave 2 can't correct more than 100% of wave 1. so it looks like abc correction pattern 3-3-5 flat. (wave B can correct more than 100% of wave A) so, sell setup is still valid, but now it's short-term sell. we need 5 waves structure to comlete wave C downward move. (wait for 3 swing down, and to corrective swings up) 1st wave inside wave C may be done. good luck!
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It may still be an active trade. ABC(blue) flat(3-3-5) pattern should correct 3rd wave(yellow). Here is full picture. If wave B(blue) is done, gold should start falling in the area of 38% of 3rd wave (1191). keep an eye on it!
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if it breaks, sell it!
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looks like possible ending diagonal
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one more scenario for wave (c) - diagonal.
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looks like zig-zag pattern. flag breakout will be a confirmation. gold may drop well below 1991
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possible scenario
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1991 target is reached next one is 1174
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Original price target (wave C = 1.618 * wave A = 1180.7) was reached