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Gold is short

There has been a long-standing argument between our analysis and the movement of gold prices. We've been like a broken record lately - gold is going down we say over and over again.

Still, I cannot see how this pattern will change because so far everything points to one thing - there is less probability for it to break up instead of down.

To make gold bullish the b-c (circled) move should be an impulse (which is not) or form a part of a leading diagonal (possible, but very stretched).

The count is updated to fit the most likely scenario in my view. Invalidation line is truly the last stronghold.

Gold, Daily chart

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