Downward sloping channel observed in Gold hourly chart

FX:XAUUSD   Gold Spot / U.S. Dollar
Downward sloping channel observed in Gold hourly chart. Short trade can be initiated with good risk to reward ratio (1:3) making low lows & lower highs.
Trade active: As expected down after hitting upper band of falling channel... but it is taking support at 1254.50 level and bounced off from 1254.50 several times.
I will modify SL little bit closer (1258.50) seeing possibility that gold may reverse. In case it reverses the loss would be only 1 point.
Trade closed: target reached: Target almost reached...


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