Gold: A long Term Look
Gold has been in a bearish reversal mode since breaking out below the neckline of the major monthly double top shown on chart, since then , the price of gold continued to move lower in a bearish configuration of lower highs and and last month managed to record a new lower low at 1131.00.
Recently, the price completed a triangle breakout and followed through below the rising trend line for the overall bull trend. That also supports the continuation of the ongoing bearish trend, however we might see further corrective movement in the short term, towards a retest of 1240 potential resistance, where i would look to short, eyeing multiple targets to the downside and ultimately 1030-1040 area.
Happy Trading :)
Join me at twitter.com/thefxchannel
Also at my Facebook page thefxchannel.com
My best regards,
Technician
Recently, the price completed a triangle breakout and followed through below the rising trend line for the overall bull trend. That also supports the continuation of the ongoing bearish trend, however we might see further corrective movement in the short term, towards a retest of 1240 potential resistance, where i would look to short, eyeing multiple targets to the downside and ultimately 1030-1040 area.
Happy Trading :)
Join me at twitter.com/thefxchannel
Also at my Facebook page thefxchannel.com
My best regards,
Technician
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