Gold: another slowdown, not a reversal. Part 2.

Now, one thing is a concern for me here: price breaks trendline and it also breaks the resistance line. We only had a similar incident in Mar 2014 and that resulted in a continuation of a downtrend.

An uptrend (as well as a downtrend) only exists when it can be clearly marked with a trendline. As of now, it is simply impossible to draw any reasonable trendline that supports long positions. While I am not saying the price of gold cannot appreciate further, I'm still looking to short gold somewhere near these levels.