XAU/USD: gold needs some rest
On the daily XAU/USD chart a number of indicators show that the uptrend has been broken. ADX lost momentum and started declining, MACD shows divergence with gold, EMA9 and EMA26 have crossed. In addition +DMI and –DMI have crossed.
The bulls managed to hold on to support at $1335.90. This level corresponds to 23.6% Fibonacci of the last rising wave. Successful test of this level will open the way for decline to $1303-1309. Here's 38.2% Fibo and the lower border of the downtrend channel. Recovery from support will mean that the uptrend is resuming.