XAUUSD Longterm Short Idea
XAUUSDGold peaked at 2077 in August 2020, which was the start of the reversal from that all-time high.
Price dropped 15.01% over a period of four months to a low of 1765 in November, lets call that wave 1.
Price from December 1st to January 5th price retraced to 1960 which was a 61.8% retracement on the Fib, let's call this wave 2.
Between January 6 and March 8 price continued to fall by 14.42% to 1677, let's call this wave 3.
Price formed a double-bottom at the 1677 level and is in a corrective wave which I expect to end at the 61.8% retracement level which is on the 1850 level, let's call this wave 4.
What we can call wave 5 would be price heading down from 1850 to 1567 (a 15.2% drop in the price).
This idea is not a recommendation of a trade, merely sharing for brainstorming purposes and also because I enjoy analyzing markets. :)
Let me know what you think about Gold and where it could head.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.