New York Session Watch - Gold on the Fall

FX:XAUUSD   Gold Spot / U.S. Dollar
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After the breakdown of the low of the multiple bars inside bar candlestick pattern on #Gold which we covered on Wednesday the price declined sharply, shortly after the breakdown. The width of the Bollinger Band continues to expand, and the Average True Range (ATR) indicator is showing the highest volatility in the last few months. The trend is down as price remains below the 200 period moving average and the Tenken-sen continue to stay below the Kijun-sen. The Parabolic SAR indicator is also supporting this decline as is the MACD , but the MACD could revert back slightly after such an extensive downside movement. The breakdown of the low of the inside bar candlestick pattern could still provide some selling opportunities in today's New York session. On the flip side, the Stochastic indicator, Commodity Channel Index ( CCI ) and Relative Strength Index ( RSI ) are showing the price is currently extremely oversold which could potentially cause the price to bounce or pause before proceeding lower. Sellers could take profits as it's Friday today and with the extreme oversold condition, it's likely there will be a short bounce before the price continues its downside movement.
Could the bounce have already happened from the low of 1161 to closing price of 1172? What do you expect on Monday? I think maximum it can go to 1179 before heading lower...
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