As we notice on the 4 hours chart that the Gold entered in a correction step within sideways triangle, then it would continue its uptrend movement.
And this is confirmed by the Fisher indicator which starts giving us an accumulation distribution correction signal against the US Dollar.
And it explains why investors are cautious and they do like to enter the market ahead of the major economic news of today.
We expect that the Gold/USD would continue its recover after this correction, and it will rise towards the 1685 level, then to $1700 per ounce.
However the general trend would remain bearish on the short term but in a sideways trading towards the 1678 level, then it would rise towards the mentioned levels.
We draw the attention of our dear traders to monitor:
-the US Initial Jobless Claims at 13.30 GMT
And the US Housing Starts at 13.30 GMT
These news would have an impact on the USD and also on the Gold.
That is all for the news of this morning,
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