The Hourly 4 Ascending Channel is widely broken and currently trading within Rising wedge #1,640.80 - #1,605.70 on the outcome of the Oil collapse, and immediately pulled back, trading now on its Higher Low trend line whose limit is #1,595.70. Any break below that price should result to a test of the Hourly 4 #MA50. This is the key for the downtrend: if the Hourly 4 #MA50 don’t hold, then expect a new test of #1,480.70 (possibly even #1,450.80 next week) but if the #MA50 holds, then the #MA200 Hourly 4 will be Targeted back at #1,600.80. At the moment the volatility is too high for highly leveraged traders as Swings of #50$ is the new norm. The markets await for stimulus from the Central banks (ECB this week, Fed the next) and this is the catalyst for the coming months. If a -30% drop on Oil, the trend shift on DX and continuous decline on Stocks couldn't make at least #1,550.80, then I have to say that Gold will be primarily correlated to the Stock market these days.
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