FxWirePro- Major Pair levels and bias summary 
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Technical glance: Gold’s (XAUUSD) minor trend has formed a falling wedge pattern.
Gravestone doji has occurred at stiff wedge resistance and at $1,296.20 levels, consequently, bears have been attempting to nudge prices below 7 & 21-DMAs with bearish crossovers (on the daily chart).
To substantiate this bearish sentiment, both the leading oscillators show downward convergence to the prevailing price slumps that indicate the bearish strength and the intensified selling momentum.
While trend indicators show bearish MACD & DMA crossovers on this timeframe to indicate downswings to prolong further.
On a broader perspective, triple top with frequent shooting stars nudges price below EMAs on monthly plotting as well. Both momentum oscillators (RSI & Stochastic curves) substantiate bearish sentiment.
Overall, bears in the bullion market managed to hamper the recent consolidation phase as the current price attempting to slide below EMAs.
Trading tips: At spot reference: $1,277.24 levels, on trading grounds, one can trade this commodity via tunnel option spreads using upper strikes at 1,282 and lower strikes at 1,272 levels. The strategy is likely to fetch exponential yields if the underlying commodity price keeps dipping towards a lower strike on the expiration.
As we could foresee downside risks in the weeks to come, on hedging grounds, we advocate initiating shorts in CME XAUUSD futures contracts of mid-month tenors with a view to arresting further the downside risks.
Currency strength index: FxWirePro's hourly EUR is at -32 (mildly bearish), hourly USD spot index is inching towards 55 levels (bullish) while articulating at 11:05 GMT.
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
