FreshOilTrader
Short

GOLD: MAs (77&200) has just crossed on Weekly (!).

FX:XAUUSD   Gold Spot / U.S. Dollar
We have just seen as MAs (77&200) has crossed on Weekly (!) chart. You could remember what Gold falling has started after MAs (44&77) had crossed on Daily. However... 200SMA & Weekly make much more solid sign. So the sign is very important in our understanding of a market. That's why I still do keep a short side.

Let's migrate into 4h chart now. And again... MAs support us here... We could see that MAs (44&77) has just crossed.. It could mean that time to take break has came and price could make a correction soon. If correction comes... impossible to tell what could we see (0.382, 0.5, 0.618 or 0.777) - everything is possible. However... I prefer to mark a zone for possible correction as somewhere between 0.5 & 0.618 because looks like it usually happens more often.

If pullback (correction) happens and price will not break 0.618 zone upside... we could see CD move of ABCD than. And there are 2 possibilities than... ABCD where D = 1.0 or ABCD where D = 1.618. Because MAs has just crossed on Weekly I personally would prefer to see huge move downside... So I prefer to believe it could fall till 1.618 Fibo level.
After that I will prefer to see this downside move to be completed and fast rise will be very desired.
Comment: Let's look on this breakthrough downside. If it real or false one.
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