Gold prices Re-tested the Neckline Resistance of breakdown From multiple tops made Near 1422 Levels Zone previous Week,Which also Looks like a Complex Head & shoulder pattern. The Neckline as if now is poised near Same levels as of 100 DMA currently at 1368$ . Which is proving to be strong Resistance .
On the downside the 55 DMA at 1332 $ is also Proving a Strong Support below that important Support comes at 1305 Levels which also co-incised with the Short term Bottom and Medium term channel Trend line .
till time Prices are trading below 100 DMA and Key neckline Resistance . We Look downwards on gold Prices to test previous bottom and Final Reach the Patterns target at 1240 $ . Stops Could be well placed above 1384 $ closing basis . A Close above Same Would Invalid the view .
