sugardaddyFED

Gold getting very techincal

FX:XAUUSD   Gold Spot / U.S. Dollar
What was support is now a strong overhead resistance - December 2016 low uptrend line (see daily chart )
Expect technical sellers to reemerge at $1264 level
Break above will allow buyers to get aggressive again and potentially targets $1295
An AB=CD formation suggest gold to end the year lower
But there are a lot of factors riding at the background - any geopolitical tensions could cancel the potential bearish setup
Aug 30
Comment: Rising geopolitical tensions has undo the bearish setup - gold broke free of multi-month downtrend line and the changing landscape need new assessment.

More later

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