Irregular movements on yesterday's session/Short-term as Gold (Xau-Usd on my reports) continues to Trade sideways within the #1,680’s belt / #1,695.80 Resistance and #1,671.80 Support on the Hourly 1 chart. If I can draw anything positive out of the yesterday’s session, is that Gold revealed the underlying Short-term trend - Bearish. I expect small correction on Monday’s E.U. opening and aggressive drop towards #1,660.80 extension. One important difference though: the Daily chart #MA50 broke and for the first time in #2 days Gold is testing it from above as a Support, which makes Gold Bearish on Short and Medium-term. Death Cross is almost completed and I don’t need more calculations as Gold should test #1,660.80 and #1,647.80 extension. Gold ignored Annual Low’s on DX and confirmed my statement that Gold lately is correlated with Stock market. Stock markets started recovering the lost ground, and Gold should see capital moving away from it’s safe haven which will add Selling pressure as next week starts.
Thanks. I'm still bullish with TP 1730 USD. Unfortunately daily candles do not show anything interesting yet for me, but H4 does: RSI below 30, emerging divergence on MACD and support near 1665-1670 USD. Unfortunately, fibo 38.2 near 1690 USD was broken and that worries me a bit.