#Gold: Near term downside favored

Gold in an interest area, testing main near term resistance zone at the 200-days SMA and 1205.00 horizontal resistance. which is also point D for an ABCD Wave pattern. Downside is favored for the short term and retest of the 50-days SMA and 1193.00 support is likely as a first target. I missed shorting the near 1203.00 but i will look for a new opportunity next week.

Note that a break above the 200-days SMA at 1208.00 May negate the bearish scenario and extend upside.

My best regards
Technician
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