Short

Long term bearish cycle. Short.

Gold is on a critical point on the 1M (monthly) chart, being on the 4th straight bearish month (an action last seen on December 2013 that led to a 1,180 bottom). Since last December's 1,236 bottom was crossed, we expect the July 2017 low = 1,208.70 to be tested. The last support is the March 2017 = 1,196.20, which if crossed will lead to the December = 1,182.00 low, where we expect a strong rebound to 1,280 by October. The 1W candle is already at -2.00% and accelerating and for the first time in years on RSI below 30. Today's sideways performance is due to the oversold 1D on RSI = 20.945, Williams = -98.121, STOCHRSI = 0.000. Keep in mind that for the next weeks, the correlation of XAUUSD with DX will be weaker, and DX can only be utilized in order to identify short entries on Gold (calculated based on DX's range between 94.00 and 95.20).

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