While technically after such a drop we should have a healthy retrace and retest some key levels (1824,1835,1850 at least) before more drops, the slow movement and lack of bull power is starting to worry me. I am at heart a bull .
Possible gold buy setup - short term - . 1h is turning bull and we also have a raising wedge in formation ( we have so far 2 HH and 2 LH). we could reach for a new HH test the fib drop areas 1908 (maybe even push to 1920) then drop again. Of course there are a lot of news coming in this week that can change the setup.
Possible AUDJPY scenario. I believe we should test one more time the upper side of the wedge then come down to 74.28 , 73.92 , and if the bearish sentiment really kicks in then all the way to a possible retest of 72.5
Possible scenario for AUDJPY sliding down slowly and wobbly to retest the main trend lines . 74.5 , 74 , 73,3, ( 72.8). After the trend line test it might resume it's bull run or fall down all the way to 69
AUDJPY is slowly correcting and we seem to be heading slowly down and retest the yesterday's low 74.4 . if the retrace continues we will most likely test the 4h trendline. 4h os bear and daily also bearish and wanting to retrace.
A possible drop oncoming!. Every time we crossed the fib circles we had a big drop. this is a possible scenario ! the time frames are preparing for it. something that looks like a bull flag followed by a retracement and a huge drop.
if 1480/1500 holds we might go back up.
This is my view and no investment advice. I do see gold in a downtrend all the way till 1590 when it will meet an important support trend line. Will it bounce or break and go even lower? The market are volatile and wild these days. Everything is possible.