Start of Gold Bearish Trend?

14 août 2016

Price has failed to break the key resistance zone at 1360-70 and this contributed towards the formation of a double top. Price has also broken the price channel followed by a high test candle and this is a key reversal signal. For a short entry, price would have to break the lower 1300's which is also a key support zone and the last higher low of this bullish trend. 1215 will be the profit target as this is a major key level supported by other key confluences. However, for a continuation of this bullish trend I will be looking of a break of 1370 with a bullish candle. Upside profit target will be 1430.