InvestingScope
Short

About to break the Rectangle downwards. Still bearish long term.

FX:XAUUSD   Gold Spot / U.S. Dollar
XAUUSD             is trading near the lower break out point of the 1D Rectangle but with RSI = 42.108, Highs/Lows = -5.22664, MACD = 2.460 already bearish , we can state with a certain degree of certainty that the consolidation action of the previous two weeks are nullified. 4H is developing a standard Channel Down ( MACD = -3.050, Highs/Lows = -0.3750, B/BP = -3.3640) with distinct Lower Highs and Lower Lows that is ultimately aiming for 1,160.44. The first TP = 1,180.50 came close to being accomplished last Friday but should be realized within this week along with TP2 = 1,172.20. All correlations with DXY             (broke upwards 5H, held the 93.75 1D support), USDCNY             (5H Higher High 6.8920) and USDJPY             (114.00 1D Higher High) indicate a long term bearish trend for Gold             .
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