Gold Trading as i see

Hi, I will try to express my thoughts about the medium term gold trading (XAUUSD pair.) This is my technical analysis based on price action and MA's as i see in Monthly chart. So trade what you see and stick to your plan.

In first, a chart, Monthly period (MT4 version).

As we can see, the trendline (type:close price) was broke several months ago, Gold makes a new high at 2067, and then, after made an uncertain evening star doji formation, starts to move aside with a little downside preference, doing correction moves looking for fresh upward momentum.

In a medium bias (next months), we can expect the correction wave continues, after broke a strong support area around 1750. Next strong supports are around 1685, 1550, 1460 and 1410 areas. 1550 and 1460 would be a big demand zone so good area for buyers

We can see trend turns bearish and sellers take control when last lower low placed at 1161 be breached... so til that i'm bullish. Honestly, i can't imagine gold in a downtrend but correction waves of course.

In short term, right now price is trying to test for 20 monthlyEMA, that proved to be a good limit for counter trends moves, so, 1690/85 could be a good point to look for upward movements with target at 1720/1740/1750... at the moment, is good idea prefer the bear moves, instead looking for bull runs, cause the H1, H4 and Daily charts shows the break of 200 EMA, so, we can expect more downside movements.

If you have any comments, please feel free to share it.

Cesar