After making lower TOPs and lower BOTTOMS Gold has apparently made a higher low which is a warning sign of reversal, especially just hours before last FOMC of 2016. Bearish tone by FED may result in reversal in GOLD and USD Pairs, offcourse.
The pair is in no man's land, RSI shows oversold in H4, It may go up for some sizable correction to accumulate enough selling pressure, here I don't mean accumulation as the pair is in distribution phase. 1242-43 may be a good sell level to give us A good R:R
The pair is testing breakout level @ 0.9800 psychological level, just below the 38.2% Fib correction (0.9820). if rejected from this level (look far a reversal candlestick), it may be a good sell with favorable R:R
Evening Star (bearish reversal) appears on point D of a Perfect Butterfly Pattern. RSI just turning down from oversold area.
on Fundamental side, Inflation date came in better than expected making a strong case for rate hike in Dec 2015...
Gold has entered in very important DEMAND ZONE at the time when FED is likely to avoid September rate hike in up-coming meeting. One can sell iff price breaks below demand zone. upward target is defined by SUPPLY ZONE + 100SMA + TRENDLINE RESISTANCE.