Important Resistance test ahead. Still short until break out.

2018年8月21日

The 1D Channel Down (MACD = -12.330, B/BP = -3.0460) aggressively broke out lower, crossing the 1,175 point but failed to extend to 1,150. Naturally 1D is now seeking its Lower High and the neutral ADX = 61.286, CCI = -26.8977, Highs/Lows = 0.0000, indicate that this is near. As seen on the chart, our break-out point that reverses the formation is the eclipse and can extend up to 1,204.70, where the trend line from the last two Lower Highs extends to. If this level is crossed then Gold will enter a medium term bullish reversal phase towards at least 1,236. If not then we will continue shorting with TP = 1,180 and 1,170 in extension. Technically we don't see a reversal taking place before USDCNY (strongest correlation with Gold in the past months) tests its January 2017 High at 6.9651. The DX is also well supported above 95.00 on its own strong Channel Up that is aiming at 97.50.