Gold Daily Analysis - The ship is sinking!

FX:XAUUSD   Gold Spot / U.S. Dollar
94 0 0
We bounced off the crucial 1225 level, the flat bottom Ichimoku cloud . Not only that, D+ is now also crossing 20 while D- has consistently dropped since the bounce. If it remains above 20 going forward, that's a good confirmation for a continued short move.

A key level I'm watching is 1183 which could force price to bounce once again. Possible targets if that happens guessed it...1225 again.

IF it breaks, we'll test previous lows.

For now I'm SHORT as long as D+ doesn't make a new high and/or D- doesn't drop below 20 again. If D- drops off again while D+ heads up right around the 1183 level, I'll probably take a shorter long trade again though.

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