Gold Breaking To The Downside

This is just a brief update on gold market signal. Yellow metal is now officially in SELL mode as it broke to the downside from a four-month symmetrical triangle. The breakdown was so powerful it violated trendline, MA150 and previous swing low all in one session, albeit not on a closing basis. But I believe yesterday's sell off and today's follow through (not seen on the chart) is enough evidence to confirm my thesis that gold shall see much lower prices in the next couple of months. The currect short term cycle should bottom sometime in the next two weeks and rally out of this bottom will tell, how weak gold actually is. So I'll refrain from drawing support lines until I get a taste of the upcoming bounce. For now, my short term target on gold is around 1620, where this cycle should bottom.