The Gold Miner indicators are still pointing down and if you look at the prospector indicator on the equity trend chart you can see that there is room to move lower. Based on the Elliott Wave counts the XAU is bouncing in wave B as a prelude to a short entry. The Gold Miner suggests more downside is possible but will not trigger a short signal. The system also suggests that the XAU is entering oversold territory from a monthly perspective. The X-Dev 3 day rule has put the XAU in a confirmed downtrend and if you use X-Dev as an index timing tool the next sell signal would also be a potential short entry signal as well.
= short trades on the XAU would produce the best odds once short term indicators become overbought.
Looking at the P&F chart the Low Pole Reversal is still in tact but the XAU is hitting trend line resistance. As long as the P&F price stays below the trend line the price objective is 80 and signaling that short trades are best.
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