has officially broken down, but currently in a consolidating period. XAUUSD
broke out of a long term wedge
and is now consolidating. The retail crowd is short pointing to further gains. From a technical perspective the wedge
target would come around $1430, where there is a major resistance area
, the 50% fib from the 10/12 high to the 12/15 low and also the 1.618 fib extension of the recent move from $1150-$1280 would come in around this area to at $1430. After we reach this area I would expect a move to retest the broken trendline
that touched in 2011/2012. Then further gains should continue.