Items to note –
- Very basic rounded top forming (yellow circle)
- Three failed attempts to stay above $1400.00 (top red line)
- Break and retest of rising trendline (purple line)
- Room to run down before minor support @ 1330ish (middle red line) and then major support @ 1260 (lower red line)
However, Gold has defied all odds and all major “Top” calls. I am short Gold, but I am also being cautious and using only 1/2 a position with an order for the other 1/2 @ 1400.
What ever you decide to do, be careful.