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The Gold has been trading downwards in past few hours. Gold did test the level at $1.407.27. Anyway, I found interesting breakout of the triangle pattern in the background, which is sign that Gold may continue with the downward pressure. My advice is to watch for the downside.
The numbers: Sales at U.S. retailers rose solidly in June for the fourth month in a row, pointing to a strong rebound in consumer spending in the second quarter that suggests the economy is not as fragile as the Federal Reserve apparently believes.
On the 30M time-frame I found that there is a new momentum down on the %Bollinger oscillator, which is indication that sellers are in control. Also, you will notice that Bollinger tighten the range prior to the down breakout, which is example of volatility down break condition. My advice is to watch for selling opportunities with the target at the price of $1.401. Resistance level is set at the price of $1.412.
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