Pashabxl

GOLD: Down trend continue towards 1180

FX:XAUUSD   Gold Spot / U.S. Dollar
238 3 1
For those who are carefully reading my XAUUSD             studies, I have underlined many times that GOLD             has at least 1180 as a target if not bellow before one could enter long . In addition to that, for those who are waiting to enter long GOLD             ,
you need to wait for FED's to increase its interest rate.
On the macro economic terms, there is yet no reason to enter long GOLD             because today the price is more expensive then tomorrow and cheaper then yesterday.
Gold             may be a safe heaven when FED's decides to increase its interest rate but we are not there yet.
Therefore the initial observation benchmark remain 1180 if not bellow.
I would think about shorting once we break the 0.618 fib at 1152. rightnow the upside looks more probable to me though ... atleast on the helicopter view :D
snapshot
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at around 1200, there might be an reaction on the upside as the precious metal would be oversold, however, on the long term, I am still in an analysis where 1180 remain the initial benchmark if not bellow that level :-)
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But a pullback at 1200 would surprise many! whats your guess : 1200 walk through or pullback?
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