Gold...

Looking over the charts this weekend, and replaying the events of Friday in my head, thinking about the sudden move gold did, from 1762 to 1725...Although i was bearish, and still think it has not corrected properly the wave from 1520,  this move was too fast, sudden and large to be the beginning of a major move...The markets are never this kind and clear to show their real intentions.. Sentiment has went from one extreme to the other in a day, and the market moves on sentiment.  When people are bearish, it goes up, and vice versa..

So, i took another look at the move lower, and realised its more of a 3 wave pattern (corrective)  rather than 5 (impulsive)... On Monday, i will look to go long from  1721, for a move up to 1771, and possibly even 1790 as a further target, but i seriously doubt it can go much higher..

The market is like a game of chess, where the opponent is the market maker..The right strategy is to see what the opponent is doing, and react, rather than just play the moves we are used to (being biased).. Nothing wrong with changing sides.. In the end, what really matters is being on the right side of the market.