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Gold – Sideways action likely

FX:XAUUSD   Gold Spot / U.S. Dollar
Gold’s recovery from the low of $1329 followed by a move back above the daily rising trend line suggests the retreat from monthly highs has ended, but reckon further gains may be hard to come today, given the hourly money flow index has turned lower from 80.00 levels.

On the higher, trend line drawn from July highs to Aug highs comes around $1364 needs to be breached for further sustainable gains to $1380-1400 levels.

On the other hand, a break below $1329 (recent low) would open doors for a test of $1310-1300 levels.
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