We have two fail attempts of the prices to break the 1740.00 which lead to a double top formation that have a nick-line at 1678.6 the break of that nick-line will lead to a bearish correction that might turn to a bearish trend. We also have a broken bullish trend line that support our bearish view for Gold. Personally I will enter a sell after breaking and retesting of the nick-line. I might even go further and wait for a close below the 1643.10 as entering a sell on gold in these situations might be risky so I will wait for much as I can before shorting Gold.
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do you think you went too early in this post and now is a good time to short my friend, seeing how for the 3rd time it didn't break that line and now has formed a double top?
BabakAd
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Thank you for this very valuable information. Do these support levels follow a specific pattern?
Saad-ElFayed
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@BabakAd, thank you for your positive feedback. The support levels are formed highs that turned to support after the price break them. Just normal support lines you can find a lot of youtube videos on how to determine them.