zevgma
Short

Gold: another slowdown, not a reversal. Part 2.

FX:XAUUSD   Gold/U.S. Dollar
82 0 2
Now, one thing is a concern for me here: price breaks trendline and it also breaks the resistance line. We only had a similar incident in Mar 2014 and that resulted in a continuation of a downtrend.

An uptrend (as well as a downtrend) only exists when it can be clearly marked with a trendline. As of now, it is simply impossible to draw any reasonable trendline that supports long positions. While I am not saying the price of gold             cannot appreciate further, I'm still looking to short gold             somewhere near these levels.
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