Two weeks ago I made an elliott wave anslysis on Gold. Unfortunately the price was rejected at 1262.6. If we took a look at DXY which might rebound more, I think that wave (4) of Gold does not finish yet. Gold might rebound to 1243~1246 because of the earthquake tragedy in the world. It will give a good chance to trade the wave C.
Trading setup: Go short at 1243~1246 with SL at 1253 TP1: 1224; TP2: 1215; TP3: 1190.
Notes: The price is getting supported at the rising channel. Break out of the rising channel will confirm the decline. Otherwise this analysis will be invalid.