Gold price had a strong positive week with a high at $1,518 while in the end it closed near $1,504. Our Friday's target at $1.518 was reached. Anyway, the overall mid-term trend is still neutral and I found the fake breakout of the falling resistance trendline, which is important clue for further analysis. Gold did back into the old channel range and it gave us clear bear sign.
Green rectangle – Important resistance
Orange rectangles – Support levels and downward objectives
Falling purple line – Expected path
Based on the 4H time-frame, I found the breakout of the mini upward support trendline and the back into the old trending channel.
Support levels are seen at the price of $1.478 and $1.461. My advice is to watch for potential rallies for selling opportunities.
