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Gold bearish pattern forming in 4Hr Chart
XAUUSD
, 240
Short
XAUUSD: Gold bearish pattern forming in 4Hr Chart

Gold has to break a high of 2012 if it has to further up, most unlikely in current scenario. Also, it has break below the 1969 mark to go further down. Right now it is trying to consolidate in this ribbon range but all the economic factors and data are pointing towards economy improving and stronger USD. All this putting further pressure on Gold prices.

Gold downtrend on 1hr and daily Chart
XAUUSD
, 60
Short
XAUUSD: Gold downtrend on 1hr and daily Chart

Gold is most likely going down early next week. Gold has seen the highest levels recently above 2000 but now loosing its shine on both daily and hourly charts. Will most likely open gap down on Sunday night pre-market and further down on Monday morning.

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