Gold/EUR - Cypher setup, pointing to Gold sell-off or EUR rally?

Gold             prices in the EUR terms or XAU/EUR daily chart shows a bullish Cypher set up. Prices are on the rise again, but the momentum appears to have weakened. Hence, prices may not take out Point C in the near-term.

Assuming the point C stays intact as resistance, I raise a question whether the cypher set up is pointing a sharp weakness in Gold             ( XAU/USD             ) or EUR/USD             rally. In either case, Gold/EUR would head lower to point D on the chart.

Watch for a break below EUR 1180.38 (June 30 low) as such a move would signal a top has been made.

Leg D of the Cypher or the potential reversal zone stands at EUR 1022 levels.
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