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Short

GOLD - One More Leg Down ?

FX:XAUUSD   Gold Spot / U.S. Dollar
After touching support at 1330, gold             turned up $27 and traded as high as 1357 . However, sellers came in and pushed it back to the 1345 level. What's next ?
It seems like gold             is still in a correction phase with possibly one more leg down. You can see in the chart gold             is trying to climb back to the red trend line and hold above there.
The last wave up from 1330 to 1357 can be drawn within a very upward sloping channel. Price is at the intersection of the green support channel line and the red trend line . If price breaks down, it will be a heavy drop. So Watch The Price Action There !
Please note that MACD indicator is having a cross over. Therefore, downtrend is continued being favored here.
I have a projection of the move if price does break down those trend lines . By using AB = CD pattern, price can move lower to 1320 level.

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