GOLD: Rally Hits Our Key Target Zone

Gold futures gained fresh upward momentum today, climbing to yet another new high. The price is now trading well inside our red Short Target Zone, which ranges from $5,416 to $6,362.
We will take Profits here on ALL Gold longs and maybe even open a short.
We do have a bit of room left inside the target zone, but as soon as the upwards momentum comes to a halt, we anticipate the completion of the larger green wave [w], which should trigger a significant reversal to the downside. Accordingly, we are preparing for a major decline phase—starting with a break below the support levels at $4,197 and $3,901.
Traders looking to capitalize on this move can consider short entries within our red Target Zone. For risk management, a stop can be placed 1% above the upper edge of the zone.