In my opinion we are in a nobody zone. The rectangle is standing since a relatively long time, and i don't think it will be broken in the next weeks. Every medium term trade would require a huge stoploss, and that's why i don't recommend any trade on the daily or weekly tf. But something new might be on the spot. A gartley pattern is possible, and everything depends on whether the price will reach 1380 or will fall down to the strong support 1176.
Historically, a risk off phase such as the one we are going to pass throught (at least according to the projection on the main crosses) is negative for gold. And that's why i'm bearish, but i'm not taking positions.
Next step, wait for the 1380 or 1176 to be reached and re evaluate the situation.
Historically, a risk off phase such as the one we are going to pass throught (at least according to the projection on the main crosses) is negative for gold. And that's why i'm bearish, but i'm not taking positions.
Next step, wait for the 1380 or 1176 to be reached and re evaluate the situation.