Vranken

Bearish Bat for Gold? (XAU/USD)

FX:XAUUSD   Gold Spot / U.S. Dollar
Leg AB came into an 50% retracement of leg XA, it also stumbles against a Yearly Pivot resistance and i look for BC to pullback into the 1200 - 1175 area, afterwards a upmove of CD into 1300 - 1345 area can be expected. A break below 1130 should make it further bearish towards 1100 - 1075.