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.

EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out