The USD looks ready to reverse against most pairs, hence I expect some downside for Gold. In my opinion, Gold is still coming out of its decade long bubble and it should deflate down to 900-1000$. I expect it to have a big bull run in the next few years, but it's not time yet.
In the short term I see that breaking below 1190$ as a good short opportunity. So far we have broken 1 support line, with relatively strong sell volume and with an RSI divergence.
Initially shorting down to 1165$ seems good. A break above 1209$ would invalidate the idea.
In the short term I see that breaking below 1190$ as a good short opportunity. So far we have broken 1 support line, with relatively strong sell volume and with an RSI divergence.
Initially shorting down to 1165$ seems good. A break above 1209$ would invalidate the idea.