XAUUSD: Still on the down side

FX:XAUUSD   Gold Spot / U.S. Dollar
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GOLD             is still as predicted in the down side. 1380-1370 wa a good entry point for short. At this stage the precious metal may go up on a short term basis for a correction but the confirmed trend s still on the downside until 1180 or even bellow.
Unlessthere is clear signals that inflation will raise which is not the case at all, Gold             may stabilize at around 1180 and there is no hope yet for an long term upside.
50% retracement is not a fib number... I would argue that this is bouncing off here at 61.8% which also happens to be inline with a 15 year & 8 year support trend line.
Pashabxl franciskim

thank you very much for your comment and your graphic. I can also argue with another indicator which is very genuine for me i.e Ichimoku. I would love to read your comment on my XAUUSD analysis based on Ichimoku. Thnak you
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