Based on current information, the most likely direction for gold appears to be bullish, especially if Fed speeches indicate a lower interest rate environment.
In a technical analysis based on PVSRA, expect the price to make a correction up to Dragon without breaking 2354.00 as breaking this level could indicate a greater correction than expected, however if the price remains above this price, supporting itself on Dragon (EMA 50) with the EMA 200 serving as support, we can have a considerable rise, the volume clearly shows interest from buyers above sellers, in addition to an upward channel, based on LTA that gives full support to a well-defined technical analysis applied.
The Elliott Wave analysis suggests support at 2355 and a possible rise if maintained, we should just monitor the economic events that will help us make an accurate decision, in the general scenario, gold is just in a correction process.
What do you think?