A few days ago, in my Elliott Wave commentary on Gold, I wrote that we will get a move down to 1662, but that I would be happy to cover shorts just ahead of that level. The reason was there existed a possibility of a sharp rally. But the price action we are seeing is not convincing. So I am now thinking that we could fail to go above 1735, and possibly experience one more dip. So plan your trades accordingly.
Elliott Wave analysis of Gold involves not only anticipating the move, but monitoring the market for additional clues as the move unfolds. It is never a black box!