Pashabxl

XAUUSD: Still on the upside correction with 1205&1212 as target

FX:XAUUSD   Gold/U.S. Dollar
167 0 2
Well , on the big picture, although there are some initial sign of a possible reversal of trend in GOLD             , there is a real upside correction that may push gold             towards 1205 and 1212 since 1202 target has been accomplished. But yet, there isn't any sign of a change of trend in Gold             since there is no Kumo Twist nor any Tenkan-Kijun Twist yet.
Although the Lagging span is on its way to cross the prices, it has yet to go all the way up and cross in diagonal the Kumo Cloud.
Therefore this move has to be considered yet as an upside correction. On the 4H and 1H chart, the correction pattern is very obvious. The short time frame do not allow to say if it is a reversal or not, but yet this appears to be for the time being a correction.
Next target may be 1205 and 1212.
Bare in mind that on the economic front, ECB will release another 60 bio€ early April and that may have an impact on EURUSD             pair that may be reflected on XAUUSD             . If EUR was gaining more value against USD, then we could consider that based on macro economic terms, there may be a real reversal of trend, but this is not yet the case
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