Gold Short at ~1305-1312.... Long at ~1260
Updated
Gold has been continuously making lower highs since February while DXY has been setting up for a move passed 98. Nothing has fundamentally changed for Gold since February and, barring any black swan event, it should continue it's move down. With the FOMC minutes coming out tomorrow I would expect Gold to test the trendline resistance before making a sharp move down to the 1260 level (buying opportunity as RSI would be oversold). A break of the down sloping trendline resistance would invalidate this idea.
Note
DXY is creating a possible inverse head and shoulders on the hourly as well. Betting on a break above come tomorrow or the day after
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