Technical outlook:
Gold might have formed a potential meaningful top at $1,689 levels or could push higher one last time before reversing lower again. We are more confident of the fact that a top might be in place since the fibonacci extensions have been met at $1,620/30 levels as seen here. The rally that began from May 2019, might have completed at $1,689, and the yellow metal might be on its way much lower ahead. It is seen to be trading around $1,623 at this point in writing. It should come as no surprise if it breaks below $1,600 levels. Immediate support is seen at $1,550 and a break below will be a confirmation that Gold has topped out. Even at this moment, it is good to sell on rallies towards $1,665/70 levels with a protective stop above $1,689. Also note that the immediate trend support would also break if prices drop to $1,550 going forward. Aggressive traders might want to sell now or on rallies.
Trading plan:
Short @ 1620/25 and add more around $1660/70, stop @ $1695, target is open
Good luck!
