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.