Gold USD Analysis. As on Saturday 6 March 2021. CMP 1700.
The decline from last post from 1860 has raised the probability of the bearish count, which is now the primary count.
Primary count : An important top is in place at 2072. This likely represents wave B of a large 4th wave triangle. Under this count, price is headed lower to the 1200 level in wave C of said triangle.
Alternate count : This count shows a new high yet to come in wave 5 but the rally from 1445 to 2072 is not easy nor convincing to label as a wave 3, hence this count is the alternate and not preferred at this stage. Price is testing the lower trend channel line so a bounce is possible. But if price falls straight thru, that would raise the probability even further that an important top is already in place at 2072.