Bearish Trend could continue if we see positive NFP results for the USD, If the respected level is broken we could see a major crash in the price of Gold.
Since my last post about GLD, the trend line breakout prediction lead to a huge rally. The importance of the 114-116$ support zone has proved itself. Since than, I've traded a small harmonic pattern successfully and lately I've traded this Butterfly pattern (shown in the chart) on $XAUUSD. Not that it has reached first target level. $GLD could be heading...
According to my last idea it seems we can have opportunity to enter to the short position but acceleration of increasing price is much faster , I'll be waiting to see if divergence in rsi and macd change the behavior of the price.
some 618 fib levels are aligning on the daily resistance of the gold. A pretty good short entry down to 1000s should be considered. Also a breakout might mean a bullish trend.
if the gold break the line of the resistant . it will go bullish or go bearish . but still have 2 or 1 day to show up the result .but now is not great to be long . well just remain in short will be a good time