FX:XAUUSD   Gold Spot / U.S. Dollar
51 1 3
At the present time, sellers remain in control of the gold             market as long as price remains below the triangle pattern . We continue to believe the gold             market is correcting the entire bull market run from $35 dating to the 1970’s.

Short term, gold             prices broke below the 50% retracement level of the bull move from $253 to $1923 and are now retesting former support now turned resistance. As of this week, commercial hedgers and professional speculators are short gold             , while the only longs in the market are index funds. This type of market positioning can lead to short-covering rallies, but does not signify a market bottom.

Long term we are sellers of gold             unless buyers can push prices upward first through $1088 and then $1200 on a monthly closing basis. The current price trend is still down with long term price targets of ~$975 and then ~$620.

Good Luck!
Beware to Fib retrace on the price log, not on the absolute price, you'll get different results...
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