lestad
Short

gold will decide where to go on 1211-1212 area

FX:XAUUSD   Gold Spot / U.S. Dollar
339 1 1
1211-12 AREA IS CRITICAL FOR GOLD             .
IF IT CAN HOLD ABOVE THAT, THERE'S A 10 POINT WAY TO 1220-22 AREA FOR FIRST RESISTANCE.
IF IT CAN NOT HOLD 1211-12 AREA AND WOULD MOVE DOWN, THEN WE SHALL SEE 1200-2 AREA TO HOLD FOR SUPPORT.
I FAVOR A BREAKDOWN TO THE DOWNSIDE… BUT FOR NOW WE SHALL JUST WAIT…

ps: also note the RSI support line below, a break (on a closing basis) would favor a downside move.
current PA def looks corrective, be great to short with some rsi ob + divergence around the r1 you have marked, otherwise a rsi trendline break in the very near term might just lead to congestion
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