The weekly chart clearly showed trend reversal at 1300. A position was opened at 1300 with a stop loss of 1366 with 1 st Fibonacci retracement take profit level 1261 which was attained by the gold.
Next Take profit level is at 1198 and the current trend clearly points to attaining it soon on weekly chart.
Momentum (23) and Moving average confirms the forecast
The Daily chart of GOLDUSD clealy shows a downtrend confirming the weekly charts assessment and moving towards 1198…