Gold is keeping its downward movement easily toward 1180 as foreseen. The precious metal is bellow MA15, MA50, and didn't break yet the two trend line, blue is the long term one, and yellow is the medium term line. The key level is 1180. The precious metal may very much go bellow that level for macro economic or political reason. The main macro economic reason is the timing of when FED will increase it's interest rate vs ECB's ability to important inflation in Eurozone thrue a hidden devaluation of EURO. One should be sceptical about ECB's tactic baring in mind that if ECB is trying to import inflation by devaluating its currency, commodities price are also falling sharply, WTI or Brent price may be a benchmark. Will the price remain low or not? This is another question. On the political aspect, Hong-Kong and the stance of China against the protest may also shape the price of XAUUSD. On a purely chartist approach, RSI isabout the be at the oversold level where as STOCH is already at the edge of an overbought level. This means that, there is still volatility but the overall move will be on the down side.
Dear Stockman, I do not know you very much yet, therefore I don't know if you do have a sense of humour but I think you do have so. But before making a joke, the serious part of it is that, the chart period and STOCH period are not the same. I do use a different time period in order to show different terms of trend, long term, medium term or short term. I never decide to enter to the market based on one indicator, but truly you are right to say that if I do want to keep a homogeneity in my charts, I should have reviewed the period of STOCH and calibrate it a little bit more. Having said that, RSI STOCH are not the only indicator as you may see. Now, if you may allow me a little joke, but really as a joke with no offence, I will tell it to you
Stockman
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Your stochastic is not configured properly...LOL - I hope you're not trading based on your stochastic format, go back to your default settings and you'll see, it's extremely oversold.