Head and shoulders pattern with a low right shoulder, price is respecting the trend of the shoulder. I would not be surprised for a few days of up action, but unless there is a break of the shoulder trend, I will be taking short trades (very careful ones though). Note the break of previous structure and strong bearish candlesticks.
On the 1 hour I see RSI divergence and almost overbought on 28 period. RSI definitely overbought on 14 period, along with Williams %, and MFI. (edited) I am already short... The shoulders of the pattern aligned with an old weekly pivot look like an acceptable region to enter short again, but if price seems to ignore this area, I think 19.000 is either a good ...
Buy at 1307.35 the blue support line. Stop loss at 1303.80 which is the location of the cross of the daily lower trend line and the hourly lower trend line. (look at the red horizontal line.) I am bullish Gold and expect to see 1450 sometime within the next 12 months but do not plan to just hold forever... Target 1319.80
All technical here. Historically, around the month of august there has been a strengthening of the JPY. Heavy RSI divergence. Weekly pivot forming far below at 101.1 area. CNY comes out with GDP Thursday 13, 2016 so that is a contributing factor to be aware of. I am short at touch of upper Trendline. STOP 105. TP 103.31