FX.co ★ XAU/USD, GOLD

It is worth noting that nothing has changed for GOLD either, as we continue to decline and have already reached the next targets. Although we have not managed to stay below 5060 yet, so we may move higher, although I will consider this rise only as a pullback. I believe that there is still room for further downside movement, as we have not yet worked out the short initiative, and there is a consolidation pattern there. Of course, the strengthening of the dollar also plays a role here, as gold has long been reacting to the greenback. However, it is important how we will trade on the American session, as we have a lot of economic data, including GDP. In general, I still look to the south, so if we climb back above 5165, I will sell there with a stop.