Gold recently reversed down from the resistance zone between the key resistance level 2789.00 (former multi-month high from October), resistance trendline of the daily up channel from November and the upper daily Bollinger Band.
The downward reversal from this resistance zone will likely form the daily Japanese candlesticks reversal pattern Bearish Engulfing (strong sell signal for Gold), if the price closes today near the current levels.
Given the strength of the resistance level 2789.00 and the overbought daily Stochastic, Gold can be expected to fall to the next support level 2711.00.
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