Last week we broke out from price range. For a few days the price did not move much at all.
Since we have broken out this is a bullish sign.
But we are close to long term resistance shown with the red arrow so the price may have topped.
Stop loss and TP shown on chart, lets see how this goes.
US markets closed Monday so we may not see real direction until...
I think the bottom is in @ 1122.
US inflation data is out on the 18th of this month. I expect this to increase with negative real rates which is good for gold. I also expect gold to rise on anticipation of this.
Another big factor is Trump's inauguration date on the 20th of January. Since the US equity market has rallied since the election this could possible...
the dust has settled after FOMC, 25bp priced in so this should bounce some.
Situation in China might cause some instability in the market depending on how it plays out.
DXY may still have some momentum behind it but once that stops this should turn.
Good luck all