Skox

GOLD, Medium Term

FX:XAUUSD   Gold Spot / U.S. Dollar
In my opinion we are in a nobody zone. The rectangle is standing since a relatively long time, and i don't think it will be broken in the next weeks. Every medium term trade would require a huge stoploss, and that's why i don't recommend any trade on the daily or weekly tf. But something new might be on the spot. A gartley pattern is possible, and everything depends on whether the price will reach 1380 or will fall down to the strong support 1176.
Historically, a risk off phase such as the one we are going to pass throught (at least according to the projection on the main crosses) is negative for gold             . And that's why i'm bearish , but i'm not taking positions.
Next step, wait for the 1380 or 1176 to be reached and re evaluate the situation.
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