2 possible scenarios for Gold

FX:XAUUSD   Gold Spot / U.S. Dollar
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Some fundamental signs are pointing a possible reverse on the downtrend of gold             .

The good trade when you match this with price action, trying to take the best timing

The first scenario is a break to the upside bouncing from the downside of the channel, that could be strong if it will squeeze the short sellers betting on a fall to the 1000 barrier

The second scenario is a retest of the support ( red line ) around 1046.87 before going to the upside

A confirmation with the RSI and Bollinger bands is important.

NOTE : I don't prefer to take the short side, which is too risky, stay neutral and wait for the best moment.

- It may be possible to go down for a test of the 1000$/once (yellow line) it could be a very good opportunity to go long ( if alined with RSI oversold and very close to the big channel ( blue descending channel )

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