XAUUSD: Everything Hinges on $1,990

From dailypriceaction.com

I mentioned gold (XAUUSD) in Saturday’s Weekly Forex Forecast. The idea was that we could see weakness this week, given Friday’s close back below the August trend line. However, the $1,990 support level is crucial to any bearish bias. So far this week, XAUUSD has tested $1,990, but we’ve yet to get a daily close below. That means $1,990 remains key support for gold, so shorting right now is ill-advised. But if we see XAUUSD lose the key level on a daily closing basis, a move toward $1,920 seems likely. That would also affect other markets, considering the negative correlation gold shares with the US Dollar ... (full story)