GC Short: Completed grand cycle A-B-C-D-E and ending diagonal

The recent false breakout of gold and strong reversal down brings me back to my long-term wave counts that the entire range is a corrective triangle and that Gold's trend is now decidedly down and will be so for a long time.

Outside of technical analysis, the recent news that long-term yields are rising also support my overall analysis that USD will rise against most products. These include Yen, Crude, Gold, Silver, S&P, Dow and the FX majors.

Trade chiuso: obiettivo raggiunto:

I hoped you have trailed your stop. I have changed my view on Gold (and silver). Anyhow, you could still scratch the trade if you haven't close it.