2lalit
Short

Gold Identified Forming A Bearish Continuation

FX:XAUUSD   Gold/U.S. Dollar
653 0 7
Gold's price has risen from $1,525 to $1,795 and then decreased sharply to $1,180, after $1,525 experienced a downward breakout and then Gold's price has limited recovery up to $1,435 within 2 months. This incident reflects that the price movement tends to form LEFT HOOK formation.

In August 2013, price closed around $1,395, interpreting the LEFT HOOK formation will form a handle or the phase of consolidation between $1,435 and $1,180 as an upper limit as the lower limit and after 14 months of consolidation (since 28 August 2013 until today), the price movement has formed a Cup & Handle formation Top in a Symmetrical Triangle formation. I am using $1,345 levels as the upper limit and lower limit in $1,270 as a consolidation of the handle phase of cup.

In the consolidation of the handle phase of cup, price closed around $1,249 in May 2014, its below $1,270 and in July 2014 price has declined to move above $1,345. In my view, it is still bearish for gold             .
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