Gold - a second leg down coming?

It's been far too long since my last post - moving to a new country leaves little time for such things but most of the personal tasks have been taken care of now; we just need to move into our new 'forever' home by the sea next month.  

Despite my international move, there will always be time for trading and this month has delivered some terrific trades on DAX and DOW, following the announcement of the COVID vaccine trials.  DOW has made a new all time high, despite the economic doom-and-gloom and ever-increasing deaths from the virus; too sad for words. Mr Biden seems to have won the US elections (the fat lady has yet to sing on that one, so I say 'seems' until Mr Trump concedes) for which the indices also reacted well.   The Euro is looking strong; the Dollar looks due for a correction; the pound is bouncing around clutching on to fading hopes of a trade deal with Europe.

With good news for the indices often comes bad times for the safe-haven gold.  Whilst DOW shot up on the vaccine news, gold crashed. as can be seen in the above and below charts.  

It would be reasonable to expect a second leg down from here (although we have yet to see the second leg down that everyone was expecting on the indices for this year's PA).  Using eWH and the ABC123 indi (ref the first chart) , we can see that gold has done an ABC FE100 42% correction.  Looking below we have an area of confluence for Target Zone 1, so if the most recent high holds and we get the secondary TLB, that's the area that I'll be looking to.  Anything can happen, of course, but for now it's looking like another second leg down to the TZ1 or even the TZ2 would be the most likely outcome.