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Gold looking to produce a down gartley around $1317/20!

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Believe it or not, it is just a matter of time before we could confirm that Gold has carved a major top at $1326 levels. The recent price action in Gold reveals that prices could be poised to print below $1300 levels if not further. With prices bouncing off from $1303 levels yesterday, it could be possible that a down gartley is underway before it resumes lower again. Moreover, fibonacci convergences point to a surprise rally above $1317 levels as well. Again looking at the overall structure, Gold n=might have terminated the last leg of a huge triangle consolidation around $1326 levels earlier. If this structure holds, prices should remain well below $1326 levels and continue drifting lower. Please note that a break below $1276 levels would be extremely encouraging to further bearish outlook. Overall bearish outlook remains until prices stay below $1326 levels.


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