maskedman
Short

Weekly triple top rejections on XAUUSD open up downside risk

FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
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The 1300 level might prove difficult to regain for any decent length of time, and the steep rising channel gold has been in these past few weeks of domestic political chaos and tensions with DPRK seems vulnerable to any hiatus. Add to that the triple top which looks like holding and the confluence of fiblevels with support targets below and the short side does look quite attractive. Wait for the lower channel support to break, preferably off a further retest of the triple top resitance overhead, as the CCI is overbought and the RSI moves into overbought territory but the MACD is still going strong. Bollinger Bands have been narrowing since August 8 but that looks like it might be about to change.
Kim Jong-Un did not oblige
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Difficult to determine the precise location of the six year trendline on this chart but it approximates the triple top line and might offer a confirming signal if you have it lower and it breaks again
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