Gold Direction is clear, We are going Short.

Gold Chart Weekly

Gold Direction Weekly Chart

After consolidation for few days , what I was expecting, we finally got something clear. As you can see, we touch my “UP Bearish trend line” , and close with price failure for a second week. but this time, sellers won. And another thing I like, we let buyers test 50MA but gold price close under 50MA.

Right now is important for sellers to close under 1630.00 with no resistance to keep bearish channel.

We should go till 1580 price, and then sellers will take a break and let buyers get in for a little move up or consolidation.

Gold Chart Daily

Gold Direction Daily Chart

On daily GC chart, we can see following thing: volume spike are above 85k a  day. And the most important Spike of volume was won by Sellers. Price 1677 was never supported during last few days. And Buyers had hard time to go back to 50MA.

Buyers get Exhaust, Sellers are committed to go back to the next double bottom.

Gold Direction: SHORT ( I give one 24hours to sellers to show up , no sellers no short)

Targets are on weekly chart: 1st:1640.3 , 2nd:1613.9 ,3rd: 1582.00