Phenlx
Short

Gold might break through bearish flag channel

FX:XAUUSD   Gold Spot / U.S. Dollar
64 0 2
Gold             was in a bullish upleg for more than 120 $ (blue line). This upleg which was a retracement has now changed again to a down movement (green line). In the course of this downleg we see a down trending channel (purple) with a possible bearish flag (red) in it. Two set up possibilites:

1. Long with stops below 1068 (Counter trend with high probability to be stoped out)
2. Short: Waiting for a correction of last move (turquoise line) and sell with stops above 1089

Currently for me the second set up (short) is preferable.
Which set up would you prefer?

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