Pashabxl

XAUUSD: Still towards 1180 and bellow

FX:XAUUSD   Gold Spot / U.S. Dollar
316 0 2
At the present time, based on Ichimoku , Gold             is about to reverse in its trend. On the chart you may very much see the red trend line . As far as Gold             was on the upside of this trend line , there was a hope for an upside. But since 1140 and above, Gold             try to go on the upside but there wasn't enough momentum and buyers are not in the market. Therefore for the last 10 days, there are clear signs of reversal. Tenkan-Kijun tiwst outside the cloud+ the coming Kumo Cloud twist, the laggind span and almost two candles crossing the cloud. If we had to give more signals, you can also ahve a look to the RSI where the trend has been broken as well.
Therefore on a purely chartist approach, Gold             is going down towards 1180 and bellow.
On the other hand, on macro economic terms, the market was expecting FED to increase its interest rate by Summer 2015. But it will not be the case. There is no inflation on a foreseable future nor a risk that FED increases its interest rate. Therefore, although it is very volatil, GOLD             is not ready yet to launch its performans on the upside.
Having said that, from time to time there might be some little upside, i.e because of Ukraine or Greece, but this will not change the above all situation.
On the downside of the story, watch 1180, 1166, 1145, 1080 and 1061.
Keep in mind that ECB will start its QE in March 6th with 60 bio every month
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