Gold has reversed lower fro $1,075.00/76.00 levels as seen here and discussed earlier. The yellow metal is expected to drop through $1,060.00 levels from here, before reversing. Please note that $1,060.00 is fibonacci 0.618 support of the entire rally between $1,047.00 and $1,081.00 levels respectively. Furthermore, prices have already broken above the channel line resistance earlier and looking to drop one last time before reversing sharply. Immediate support is seen at $1,068.00 levels (interim), followed by $1,060.00 while resistance is seen through $1,081.00/82.00 levels respectively. The drop should be corrective in nature, before prices again rebound higher. Only a break below $1,047.00 would enforce us to believe that larger trend has resumed.
Short now, Stop at $1,082.00, target is $1,060.00.