I think the price has big chance to move down because:
1. Long — term trend is bearish on XAU/USD + Major currencies (EUR, CAD, CHF, AUD, NZD, JPY) 2. The price is in a range. In sideways moving big players accumulate their positions. 3. We have the same situation, exchange rate 1,5 month was in the range, that means if the price will break down key level $1180 there will next price decreasing to 2years low $1121. 4. US economy becomes stronger, Stocks growing up. Gold increase it's price when will start a new economic crisis. 5. Big players before economic crisis want to make GOLD and BTC as low as it can be, to accumulate position at the lower prices. 6. How many times the price bounced down from $1214? It looks like someone hold it and didn't let to move up.
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Price moved down $10, it so cloe to key level $1180
thanks for sharing. gut feel is it's wont break down easy due to China drawing a line on USDCNY at 7.0 manipulating and AUXCNY trading flat and the idea of de dollarisation /w gold is a serious topic especially with DXY having legs I guess... if USDCNY is over 7.0 it is another story...
bilalabes
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Cannot agree more .... don’t you see a chance for gold to retrace to 850-870 low - high swing at 0.618 of 1mar2001 to 1 sept 2011