I do not deny that we could see higher prices in gold, but a bearish reading of the current price action leads to an unfullfilled wave 4.C prior to 5. Also the negative divergences in RSI(5) and stochastic plus the initial sell signal just unfolding in PMO, make the short term (at least) correction case stronger.
Bear or Bull in short term (2 weeks) now depend on FED. Before Draghi comments, we have thought that stock would rise and Gold would down. In fact market rocketed and down after one day. Price action down from top happened at Asia section a Europe sections in profits taking. At US section, price action is almost bull. I suggest that Long at 1243.5. SL = 1236. If Price beak 1236, we shift to looking for short
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