Gold potential bearish reversal from $1300 or $1314 levels

Gold has remained sideways since printing highs close to $1300 levels on January 04, 2019. The structure since then looks to be sideways until now, suggesting that there could be one more push higher towards $1310/14 levels, close to fibonacci 0.786 resistance of the earlier drop between $1365 and $1160 levels respectively. We have been suggesting potential short positions since January 04, 2019 and continue the same for now. Believe it or not, the upside remains limited from here but downside risks remain high looking at the higher degree triangle count discussed yesterday. Please note that trend line support is passing through $1240 levels at this point in time and a consistent break below the support is needed to instill further confidence in the bearish structure.


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