Gold could fade spike to $1275 levels

TVC:GOLD   CFDs on Gold (US$ / OZ)
42 0 4
The descending trend line from 2011 high and 2012 high is seen offering resistance around $1275 levels. March 2016 high stands at $1284.
The fact that the Fed is moving towards reduction of its balance sheet size and the monthly 50-MA is sloping downwards tells me that the yellow metal may not be able to sustain gains over and above $1260 levels for a long time.
Expect selling pressure around $1275-$1284 levels even if the US wage growth data disappoints expectations.
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