My gold index is evolving in a bear flag type of pattern which should resolve lower. although price currently hit the support line of its symetrical triangle which should provide a temporary bounce, I will be looking for short entries to target the 61.8% and 100% extension fibs.
This pair is in a corrective phase after a down move which gives me the reason to believe that it will make one more down move. In this case, the structure changes completely and might significantly bring XAU down in this pair.
Keep an eye on XAU/EUR which could mirror the move.
I wish there could be one more down move for this pair.
There was a formidable move down back in January. This is why my analysis suggests to sell each flag breakout for the price to create a zigzag move.