Gold could re-test 1280 ?

Gold Daily Chart

Gold has been in a short term downtrend since making a recent top at 1346. A lower high and a lower low appeared in the  daily chart . 
Resistance Level #1 together with 50 day-moving average and a psychological level at 1300 represent a strong  resistance zone for  gold to bounce further. 
A breakdown candle is spotted at 1300 level.  Gold seems to try to retest that breakdown level before going south again. 

As long as  gold stays below  Resistance Level #1 at 1300-1305, we remain short.  
A re-test of  Support Level #1 is possible, which we look to lock in some profit.  
A breakdown of  Support Level #1 can lead price down to  Support Level #2. 

Meanwhile, a breakout of  Resistance Level #1 can lead to a test of  Resistance Level #2. 

Trade Recommendation: 
Short at 1298-1302 
Stop loss at 1307 
Take profit at 1280  


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