Bearish outside week ominous for GOLD – 1290/92 resistance

Bearish outside week ominous for GOLD – 1290/92 resistance

GOLD / U.S. DOLLAR FX_IDC:XAUUSD


Main bearish argument
The bearish engulfing candlestick which engulfs the prior 3 weeks means lower prices to come

Entry?
Any rebound could be capped at $1290-92, previous support and 50% Fib of cent leg lower

Alternative bullish argument
A rising trend line connecting the July 17 and Dec 17 lows could be support for a longer term uptrend