Gold has an unusual rose due to market panic from responding of China to the US house speaker's visiting Taiwan last week. However, the US dollar has bounced back, and gold had a minor correction last Friday.
Gold is sideways in the upper zone of a downtrend (just above and very close to the upper grey solid line). The market is expected to maintain fluctuations this coming week.
The moving of gold price between 1798-1754 is a neutral level to side-way up. If gold throughs above 1798, it could turn around to an uptrend (wave 3). Otherwise, gold below 1754 for a long time might lead it back to a downtrend (wave c).
Breaking either edge may rapidly choose its direction. Thus, consider locking in profit when you can make money.
The short-term strategy this week is to trade in the channel of 1798-1754 and book each small profit. The market is likely to be choppy. Don't forget to apply your stop loss.
Have a good week!!