Gold Bounced Off The Resistance

Gold reached the resistance at 1162.40 visible on the weekly filter chart but it failed to break above it and moved to the downside again. It will likely continue falling at least until it reaches the support at 1117.50. Time will tell whether this is the end of the correction, but personally I doubt that. Either way, the bearish trend is still in place, but I would be wary of opening new short positions before Gold reaches and breaks below the previous low at 1077.17.