AndyM
Short

XAU to go down - in sync with other markets

FX:XAUUSD   Gold/U.S. Dollar
Gold             has completed the first wave of the downward impulse, and will likely continue its descent, which will be aligned with further strengthening of USD and decline in Crude. The correction in Gold             is not finished yet and I expect a deeper retracement to occur during the next week, probably reaching 61.8%. I would not expect the movement to resume until mid next week as other markets need to complete their parts of wave structure: DXY             still needs to complete its correction (Y wave is not finished yet) and Crude needs to complete its upward wave 5 (just starting). I would also expect S&P             to get to a local high early next week. Once all that is done, I expect a powerful reversal in all of these.
Am waiting for a confirmation on this but yes that is one of the scenario that i am looking - still think 1206 is key for now
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