Price Rejected at Multi Year Resistance.

FX:XAUUSD   Gold Spot / U.S. Dollar
163 1 5
Yes, I'm trading / looking for trades while on vacation. =)

Well the trade is simple as you'll see, you can expect gold             to retrace back up to broken 1305 Support based on the daily close.

Technical's: Price is in a Multi Year descending channel , consolidated and broke down at the upper band of the bearish channel . Also, this years bullish ascending trend has been broken as well.

The Trade:
Wait for gold             to retrace to broken Support at 1305 for a short entry with the stop order set around 1330 - 1347. With the profit target set at 1227.30 area.

Good hunting.
Also the volume is dropping. A good sign for going short.
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