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.