pixi

1306$ as target of this technical rebound ?

FX:XAUUSD   Gold/U.S. Dollar
96 0 2
Yes, I think gold             will not go above 1306$.
1306 is a 50% retracement of the entire leg from 1433$ to 1180$.
A 121 bearish pattern , a third contact within the red descending triangle and, last, the weekly EMA 34 should be acting as strongs resistances.

The target of this triangle is about 910$.
If price drops to this level, it'll be a nice entry for long. Coincidence, or not, if we trace a fibo from the major top (1920$) to 910$, the 0.618 retracement corresponds to the 2011/2012's major support => 1530$.

Of course, if price can break the red long term resistance, it will be a strong long signal
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