Gold – Descending trend line remains intact, What's next?

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
“Everything that happens once can never happen again. But everything that happens twice will surely happen a third time.” ― Paulo Coelho, the Alchemist

To a greater extent, the same logic is applicable in markets as well.

The falling trend line was established at the end of October 2012 and was put to test last month. Prices failed to take out the same last month and an attempt this month was thwarted as well.

So the price has already failed twice to take out falling trend line resistance… does that mean the third attempt will fail as well?

The stage looks set for another failure as –

A re-test of falling trend line could happen on Friday or next week if the non-farm payrolls and wage growth figure in the US is horribly weak.

However, August figures are usually weak and are revised higher in the subsequent months, hence markets are unlikely to read take them seriously. Thus, another failure at falling trend line hurdle looks likely.
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