KVE

XAU/USD: Gold in down channel, breakout or to the trendline...

FX:XAUUSD   Gold Spot / U.S. Dollar
241 0 5
Possible downward continuation to the up trendline . Currently up but possible resistance around 1280-1284 and the upper boundary of the channel from where a short can be taken with SL tight above trendline for a nice short trade with good R/R.

We could however be looking at a possible wedge also in which case it could break the down channel to the upside..., after a confirmed break i will therefor be looking for a small buy setup to a fib or to the former high...

Choose wisely and wait for confirmation on this one!
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