Gold has been in a (A)(B)(C) correction since it peaked in Sept 2011 and is in the final leg of forming an ending diagonal (falling wedge) as the 5th wave of wave (C).
Current price is right below the lower trendline of the falling wedge. A Fib confluence support area (1066-1069) is right below the last major lower (1071.28). The candles of last two weeks show long tails and Stock is oversold, which may suggest a possible reversal.
I would go long once the price closed above the lower trendline of the falling wedge with a near term target of 1135 or go short once closed below the fib confluence area with a near term target of 1040
Current price is right below the lower trendline of the falling wedge. A Fib confluence support area (1066-1069) is right below the last major lower (1071.28). The candles of last two weeks show long tails and Stock is oversold, which may suggest a possible reversal.
I would go long once the price closed above the lower trendline of the falling wedge with a near term target of 1135 or go short once closed below the fib confluence area with a near term target of 1040