GOLD Short Term Analysis - Bearish Trend

FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
Gold pair moved higher but still remained in trading range after holding support level on Tuesday.Stronger than expected US home sales buoyed the dollar, which continued to move higher on Wednesday. As technically the Gold trading in the range of 1260 to 1285.00,Prices appear to be forming a bear flag pattern after breaking down last week below support near the 1,284 level. Short term near resistance level 1282 and another upward sloping trend line 1284. We can see one more fall from 1280 to 1284 to test 1260/1250.

Short @ 1281

TGT: 1270/1262
SL: 1286.00

Gud luck !


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