aceofswords
Short

SHORT GOLD: Bearish Pennant on H1 Chart

FX:XAUUSD   Gold Spot / U.S. Dollar
259 2 3
Initial target is retest of low at 1296 Ultimate target based on Bearish Pennant is 1283.11
what is the next move.. do we see any reversal from this level at 1283?
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aceofswords TucKinetti
With NFP's later today, and a ceasefire in Middle East/Gaza, there is little to shift sentiment on Gold...in either direction right now. Obviously the picture will change as the day progresses, but for now, USD strength is 'ruling the roost', which means lower gold price...I can tell you however, that I am currently working on an update chart for XAU/USD at the moment, and so far see 1275/00 as a potential bottom, before some upside...I need more time to double check and look at longer term data before I publish chart, as there is also potential for an upside burst before price searches for a bottom.
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