Gold Forming Short-term Top?
There were decent gains in Gold Price as it moved above the $1270 and $1280 resistance levels against the US Dollar.
The price recently traded as high as $1288.83 where it faced selling interest. It seems like the price is forming a short-term top since there is a bearish outside candle reversal pattern forming.
If the price continues to move down and settles below two key bullish trend lines with support at $1284.00, there can be a downside move in the near term.
The price may decline towards $1280-78 in the mentioned scenario. On the upside, the $1288-90 levels remain an important breakout zone.