Gold carves Wave 4 around $1790

Gold has carved a combination w-x-y as Wave 4 towards $1790 levels early this week. The yellow metal has reversed lower and also tested the highs today by rallying through $1788 mark before reversing again. The wave structure is clear with Waves 1, 2, 3 and 4 in place around $1802, $1875, $1676 and $1790 levels respectively. Also note that Wave 4 terminated around fibonacci 0.50 retracement of Wave 3. If correct, the next Wave 5 could be soon underway towards $1650 and beyond.

Short against $1875, towards $1650 and $1550