Gold remains in downtrend after breaking the sideways triangle. We remain short as prices have broken below 1,300 and the support level of 1,290. Next short-term support is found at 1,270. This level also coincides with the neckline of the Head-and-Shoulders pattern.
The trend remains downward, as long as prices trade below 1,325. The recent low at 1,278 is expected to be tested and most probably broken during the next couple of trading sessions. We are bearish and confirmation of our view will come once the 1,270 level is broken.
Gold, as shown in the daily chart above, has been making lower lows and lower highs. Three falling peaks are forming the right hand shoulder and prices are very close to breaking the neckline. Target price of the H&S pattern is at 1,140. We believe that soon we will see a crash in Gold prices towards 1,200-1,150.
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