Pashabxl

GOLD: Down trend continue towards 1180

FX:XAUUSD   Gold / 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.
But a pullback at 1200 would surprise many! whats your guess : 1200 walk through or pullback?
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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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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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