Gold failed to find happiness in the north

Gold failed to find happiness in the north

On the daily chart of gold, the bulls failed to hold the quotes above the important level of $1280.  As a result, there is a risk of the correction towards the convergence zone $1250-1256 and then towards the intersection of the lower border of the upwards trading channel and upper border of the long-term downward trading channel.

On the hourly chart of gold, the Bump and Run-Reversal pattern has been realized. A break of the diagonal support of the initial stage followed by the rollback of the quotes towards $1270 may result in the restoration of the downtrend.

Recommendation: SELL $1270 SL $1285 TP $1240.

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