A strategic level to short gold

Following last month's sharp fall in gold prices, the market has entered a bullish corrective phase and is rising back up to a previous support level at $1,147 that was tested on 8 July. There is currently a trend line resistance at around $1,151-53 which could provide for a decent short opportunity pretty soon. A stop above $1,165 (to be determined according to overall risk one's willing to take) would offer a risk/reward ratio above 1:3 if one was to target levels below $1,100, which wouldn't be absurd given the overall bearish trend.

Please note that this is not investment advice and that you should trade at your own risk.