Bearish outside week ominous for GOLD - 1290/92 resistance

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Main bearish argument
The bearish engulfing candlestick which engulfs the prior 3 weeks means lower prices to come

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
Comment: Gold never quite reached old support near 1290 and rolled over after completing a bear flag
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