Big Correction Coming For Gold or Not Yet ?

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold made a bearish engulfing candle on daily chart when reversing from the top at 1452. There are also negative divergences on RSI & MACD . Now gold is testing daily uptrend line that was formed from the start of the upward rally at 1320 since the beginning of June.
If gold holds this trend line and bounces up to break recent high at 1452, the rally might likely continue to 1470-1480. However if gold breaks down under this trend line , gold can go into deep correction for the next daily cycle. Those yellow zones are the daily lower supports for gold , which can also be spotted at 1380-1360-1340. We do not rule out a possibility that gold might even come down to lower uptrend line that was formed from the start of the upward rally at 1275. That's it, the final target for this big correction may stand at 1320.


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