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.
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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.