KENJICHEN

0412-XAUUSD Analysis

Short
FX_IDC:XAUUSD   Gold Spot / U.S. Dollar

XAUUSD
Gold reveal weakness due to mass downward and break uptrend-line yesterday.

Asia market retest 1290 and have little rebounce to 1294, it give us a chance to short gold before Euro market open, however, the best condition is that gold stop and continue to drop at 1294~1295.
Once gold rise above 1296 it's not in a good shape to short side.

As we can see about daily chart of gold, it is in a final stage of consolidation pattern, thus it would present clear trend to market in following days.

Support: 1290 / 1288
Resistance: 1294.5 / 1296.5
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