Gold has been trending down from its high of $1790.00 at the end of February 2012.
Price has retraced to the 50% Fibonacci level from the most recent push down from a high of 1672.10 to a low of 1526.50
Chart below
Should price break back down through the averages and provide a 60 minute crossover I will look to enter short on a pull back.
From the chart below you will see that price is currently supported by the 4hr 20 EMA. Should this break then a 60 Minute cross will develop and allow me to enter short on the pull back.
Chart below
I will update once price has shown me the direction it wishes to take.
Regards
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