Due to further fundamental events and the lately USA - IRAN war tensions, Gold rallied back up and reached 1600.
However, from the technical perspective XAU/USD found the strong resistance area of 600-608, pulled back making a fake broke of previous resistance and long term up trend channel.
Now, fundamentally speaking the USA - IRAN tensions seem to loosen up at the moment, as we also saw from last hours price action, by non commercial's closing part of long positions. They are still overall long, last week COT Report showed 93% long. Massive peak. Our view on XAU/USD is still bearish, we will monitor this weeks candle closing. If it closes red, back inside channel we will start looking to short Gold. Price target is long term middle band of channel along 50 fib lvl of previous impulse. First Price Target 1520. Overall Target 1420.
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On the retest of 1560 level, we can start shorting the commodity. Price going as planned
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With the US- China Phase 1 deal signing set for this week on Wednesday, fundamentals are on our side. Let's see if it will follow normal price action, or another manipulation before hands. One thing is certain, GOLD will go down.
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