The monthly chart allows use to see the struggle that is truly presenting. Bulls are having a difficult time defending this price level and confirming 2012 resistance as support. We can also see that prices are trading above the long term trendline
. A test of the "trendline" would violate the current 50% retracement
and support additional distribution. This would likely result in lower price discovery and retracement of longer term 50% retracement
In the absence of "climatic selling" volume
I believe prices will continue lower. Risk remains for any new long entries in my opinion.