Monthly Reversal Likely To Happen

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
115 0 5
- Gold             made a bearish engulfing candle on the monthly chart for May after a strong monthly rise.
- And it happened at the strong monthly resistance @1300, also the 50% Fibo Retracement from the low of Oct 2008 to the all time high of Sept 2011.
- It also touched the upper bollinger band .
- Notice the downtrend line that draws from the all time high at 1924. Gold             just made a pause there and made a big red candle with a bearish engulfing pattern. This is a very important technical point.
- It also did not make a higher high as compared to the last top. It reached 1303 on May 2nd and has turned down since then. The last top was 1307 ! Sentiment in gold             has changed since FED may raise rates in June or July.

I am looking for gold             to continue to drop this month and possibly in July also. The support should be around 1150-1160 (The yellow areas). It may coincide with the 61.8% Fibo Retracement at 1155.

Stay Tuned.
Comment: Gold has re-bounced from the 1200 support level due to a bad NFP number. This is a move expected from the 1190-1200 support area. I am looking to short Gold when I see a reversal pattern on the daily chart. Stay Tuned.
Comment: Gold has traded as high as 1264. I am preparing a short scenario for gold. Will update soon.
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