XAUUSD Time to turn bearish short-term.

8月26日Just 2 weeks ago (August 13, see chart below), we turned bullish on Gold (XAUUSD) as the new Bullish Leg of its 12-week Channel Up started:

Now that our 2545 Target is very close to getting hit, the price should price its new Higher High and then start a technical pull-back in the form of its new Bearish Leg. Once the 1D RSI hits the 3-month Resistance Zone, we will have our sell signal.

Given that the previous Bearish Leg bottomed on the 0.618 Fibonacci retracement level, we set a rather modest Target at 2450 for our sell (quite higher than the projected 0.618 Fib).

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