XAUUSD Longterm Short Idea

25 thg 4, 2021

XAUUSD

Gold 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.