Pashabxl

GOLD: On the down trend still despite upside adjustment

FX:XAUUSD   Gold Spot / U.S. Dollar
Where do we stay in the gold             trend? What is the state of play? That is a question.
With the EUR well on the last days, there was a natural , I would say mechanical lift up of XAUUSD             in USD terms.
However, the trend is still on the downside.....
On the graphic, there is three trend line , all of them are showing the same direction.
The long term trend line is now well bellow the short term and medium term trend line . Which means in my studies and technique that GOld             should break the three trend lines before confirming and upside and a trend reversal.
Yet on RSI there is no sign sign that XAUUSD             will reverse.
Nor on ICHIMOKU . The CCI's orientation is at the downside as well.
The headline goal remain either 1180 or even bellow. One needs to see a clear schedule concerning FED's increase of interest rate and inflation risk before going long on XAUUSD            
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