GOLD Price Action Analysis - bearish breakdown with YR S1 Pivot to be broken

W1 price is located between Yearly Pivot level at 1237.48 and S1 Pivot at 1082.97:

• The price is on bearish market condition for ranging between Central Pivot level at 1237.48 and S1 Pivot level at 1082.97;
• The price broke triangle pattern on close weekly bars for the bearish trend to be continuing;
• If weekly price will break S1 Pivot level at 1082.97 from above to below so the primary bearish market condition will be continuing; if price will break PP YR1 at 1237.48 from below to above so we can see the reversal of the price movement to the primary bullish condition; otherwise the price will be ranging within yearly Central Pivot and yearly S1 Pivot;
  
• “XAU/USD fell to a 5-year low. With the S&P 500 just off all-time highs and the Federal Reserve supposedly contemplating a move to policy normalization (taper tantrum was almost two years ago now) it is not that surprising to see gold doing what is doing”;
• “Under $1000 an ounce XAU/USD starts to look attractive again, but arguably XAU/EUR and XAU/JPY are much more important instruments to watch”;

Trend:

• W1 - bearish
  
• MN1 - bearish