You can see in this chart we use a daily timeframe on the top and 15-minute timeframe on the bottom. This is typically how I Iay out my trend charts. In this case we see a possible breakout on the daily chart of gold however I currently believe this is a fakeout. I think the major trendline resistance shown in the part will push us violently back down.
Since the 15min is approaching resistance from the downside, this presents a potential short opportunity in the shorter timeframe. I will take a small speculative short at this nice round 1280 level. Our first target would be 1270, then 1255. Cheers!
