Gold Update

FX:XAUUSD   Gold / U.S. Dollar
204 0 7
Gold             should now collapse potentially as early as next week.

A possible short lived rally to the 61.8% retracement level at 1285 cannot be ruled out but then it will ultimately collapse to below it's current support level of 1257 to the 50% fib at 1174.93.

The AUD correlation gap grows wider and only hastens the correction.

I already have a short position in gold             but with the current us dollar index             rally and the gap widening even more I am now looking to add on a break below 1257.

Good Luck.
Comment: Gold retreats from the 61.8% retracement level as expected stops placed above HOD.
Comment: Stops lowered to just above 1270
Comment: Took 50% off at 1245 letting the rest run stops still just above 1270.
Comment: Next leg down has begun.
Comment: Gold nearing target will start looking for a long entry
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