Gold price approached the major resistance area of $1,350-60 and got rejected. Price made a high at $1,344 and is now trading below $1,330 with an impressive 4 hour reversal candle. Have we seen a major top in Gold?
Blue line - major resistance trend line
Green line - major support trend line
Gold price reached very close to the blue long-term resistance trend line and sellers put a lot of pressure as price has now found important resistance. As long as price is above the green trend line support trend will remain bearish with high chances of breaking the blue trend line and moving towards $1,400 and higher. A rejection at $1,350 and a break below the green trend line will be a bearish sign that will increase the chances of a move towards $1,200 or lower.
