GOLD-- "Go to Brexit" (Impulsive Down Leg till 1255$ Expected)

29 Jun 2016

24th June, on account of brexit effect...precious metals had huge rally starting from 1252$ to 1362...This cycle is almost done@1362$- Post that we had a sharp fall till 1319--1320$ since then we have been moving range bound.
we are very close to start an impulsive down leg once we break the red rising trendline where gold futures have been resting. once swing low@1319 gets broken & we remain under that red rising trendline or below 1340$ (Invalidation Level) we will be looking for down move till 1250$--from where gold started its brexit day...so "go back to brexit".
Current Price--1328$
Trigger Point--1319...Resistance Level-1340$
Current month futures contract has been taken for analysis.
Regards, Abhishek H. Singh,CMT