GOLD H4 - possibility of bearish response

GOLD market has been smoothly moving up for a long time. As a result of these gains, price reached area of significant resistance where yesterday first bearish reaction occurred.

After a brief consolidation in this area, today’s supply response has been stronger and it seems that this resistance will be rejected. As a result, in near future, we would expect declines. In short term, therefore, it is worth considering short position on this instrument.