InvestingScope
Short

XAUUSD: Rejected on the 0.382 Fibonacci. Expect a new Lower Low.

FX:XAUUSD   Gold Spot / U.S. Dollar
Following the 1,212 Lower Low last week, the 4H Channel Down pulled back to make a Lower High at 1,237.20 ( RSI = 53.296, Highs/Lows = 0.0000) due to another sharp decline on stocks. Still, that was below the 0.382 1W Fibonacci level. As long as these sell offs occur on stocks, investors will continue to treat Gold as safe haven and will remain above the critical 1,194 long term bearish continuation spot. Since however the 1,220 and 1,216 were crossed last week and 1D turned neutral again (still on CCI = 16.6631, Highs/Lows = 0.0000), a new Lower Low is expected next at 1,203.20. That remains our TP on the short term for Gold with 1,194.95 its extension.
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