XAUUSD: upside correction might be over

FX:XAUUSD   Gold Spot / U.S. Dollar
The precious metal made an upside correction because the market was expecting FED confirm the iuncrease of interest rate by 2Q15 but it is not the case. although expert knew that FED would not increase before 3Q15, as you may also read in all my previous research, the upside correction did not change into a change of trend. On the long run, XAUUSD may very well go down the line towards 1140 and 1120.
EUR may gain some value against USD which would inevitably effect the precious metal, but this would be on a short run, because, ECB would flow the market yet again with another 60 Bio


Pasha, the charts in the smaller timeframes showing different views. Don't you think we will go up first a bit more before we head downwards? For example the 1H chart.
Pashabxl ElPatron.Y
Dear Rack, on a 1H, 2H and 4H you arevery right. But on a 1D and longer period, there is no sign of trend change. Therefore the upside should only be consdered as a correction rather then a change of trend. And the correction would be until 1202 MAX
That was my view also, because the dollar is a bit weaker these days and will retest 94 or max 93.
ElPatron.Y ElPatron.Y
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