Gold Turning Bearish - 1292$ Support

Yesterday Gold had to hold 1311$ in order to maintain altitude and stay inside the uptrending channel on the smaller time frames. I felt most probably it will fail and unfortunately it did for the Gold bulls and short term momentum has turned bearish.

Heres the update from yesterday:

Now, the next closest visible support is down in the 1292$ area on the Daily chart which has formed a sHs pattern based on the slope which is another indicator it will most probably turn down from here.

IF Gold fails to hold 1290$ area the next and final support on the Daily chart is 1255$ area after which the only support left is on the Monthly which to be fair is still looking BULLISH.

I am not taking any positions as of now as there is no high confidence entry at this point.

Komen:

Gold did reach the level I was looking for first support, it reached it very quickly just 2 hours after the idea thus the price was 3-4$ lower.

Even though the price stopped there , still no significant bounce meaning support isnt very strong and probably will breach to the downside after a small bounce if any.