FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Gold shows all the correct signs to suggest that it will drop, possibly for the rest of the year but certainly for the next few weeks. Gold is currently testing a very strong resistance trend line . Not only that, the market cycle suggests the end of a Bull market for the rest of the year. I'm expecting a bear market to start and be confirmed around July/August. I have entered a speculative short position with a tight stop. I have also opened another with hopes it will drop to where it was at the beginning of 2017. We have also had 3 strong bullish market pushes to the upside this year which is very similar to 2016's data, just over a shorter period of time. Gold may rise further before completing the move downwards but I don't expect it to based on the strong resistance it is currently facing.
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