The Gold has been trading exactly what I expected yesterday after the growth rose in June well above expectation. The price filed my first downward target at $1.401 and it going towards second at $1.380. I see still more downside potential on the Gold.
On the 4H time-frame I found that there is bear cross on the Stochastic and MACD, which represents short-term downtrend. Fibonacci expansion target at $1.400 (FIB 61.8%) is broken and I do expect testing of second target at $1.380 (FIB 100%). Potential breakout of the $1.380 may lead us to the level of $1.345. Momentum is very strong on the downside and any decent upward correction on the lower frames 30M/1H may serve like a good selling opportunity. Botch stochastic and macd are heading downward and there is no indication of any reversal.
