XAUUSD: Consolidating before the new bearish leg. Short.
XAUUSD has stayed near its 1D Resistance levels during the previous week as it continues to work as a safe haven since the global stock markets haven't yet been stabilized. The USDJPY, USDCNY continue to trade high as well as the Dollar Index (although it was rejected again near the 96.15 4H Resistance), so from a technical standpoint, Gold remains a short opportunity and fundamentally on a much higher price than its fair technical value. 1W remains neutral (RSI = 46.221) as it trades near the 0.382 Fibonacci retracement level = 1,238.50 but still on a long term bearish 1M Channel (MACD = -1.920, Highs/Lows = -24.3378, B/BP = -85.8020). Despite being near the 1,238.50 1W 0.382 Fib, Gold is also near the 1,236 December 12th, 2017 Low, and that is why the current 1D Resistance level is that strong. We are still aiming at 1,203.20, 1,194.95.
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