Gold Short-term Outlook: XAU/USD Drops to Multi-month Trend Support

From forex.com

Gold is on the defensive this week with XAU/USD breaking support today at the May range-lows. The focus now shifts to a potential test of the yearly uptrend and the first real test for the bulls. Battle lines drawn on the short-term gold technical charts. Technical Outlook: In my last Gold Short-term Outlook we noted that XAU/USD had, “slipped below uptrend support for the first time since the April breakout and threatens a deeper correction while below the median-line. From a trading standpoint, losses should be limited to 3131 / the lower parallel IF price is heading higher on this stretch with a close above 3319 ... (full story)