The short-term trend of gold price is currently in a counter-trend phase compared to the main yearly trend. We can see that the price is in the third wave of the corrective A-B-C wave structure, moving from B to C. Before forming C to complete Wave L1 (in the picture), the price tends to recover around the 2032 price level.
This is due to being in the phase of the corrective A-B-C wave and also the transition from the recovery trend to the main trend. Therefore, the price is likely to move sideways and accumulate. This observation is reinforced when we take a closer look at the US dollar index chart.
Therefore, prioritize short positions and reduce exposure to minimize risk and optimize profits. Stay tuned for the next gold price update.
Wishing all investors successful and insightful investment strategies.
