Sell @ resistance should be the right measure again

In the short-term term, I am skeptical to bearish as far as the setup for a break of the yearly key resistance in the price of gold - ~1350$-1360$ - is concerned, even though the gold in most foreign currencies climbed multi-year bull market highs.

Shortterm the gold futures in $US are heavily overbought after a next small higher 2019 High made at 1262.2$ on Friday which came in at 6-years lasting main resistance. Followed by ugly looking bearish intraday reversals or telling topping action on Friday in the Precious Metals Sector across the board. June is part of the soft demand season for gold. The strong demand season typically runs from August to February.

The odds of gold start dropping here are hugely enhanced by its latest COT data. COT data shows that the Large Specs have evaluated their long-positions in the course of last three weeks blatantly striking. This must be viewed as exceptionally bearish because the Large Specs are overall always wrong.

EURUSD with 99% odd printed its final high of entire June at 1.1348. Pair spiked into this Blue Arc in the monthly chart which represented pinpoint month high resistance at two former occasions since 2017:

Above circular 9 Candle GUNNER24 Up Setup on monthly base, starting at # 1 // 2017 Low, determines the latest price developments as it seems. Pair spiked from below into Blue Arc resistance and printed June highs at 1.1348. Afterwards market within just 5 trading days sold-off into 1.12069-Friday close, thus confirming that Blue Arc above STILL radiates a lot of bearish power on monthly base once tested. Cause rebound from Blue Arc was hard or sharp at first step it is very likely that final June highs are in and market has started it`s next weekly downtrend.

Cause all the prior up and down cycles legs within still determining yearlong bear channel have ended after about 3 to 5 weeks and recent weekly upcycle likely finally has topped in course of third upcycle week the time factor likely has met price (Blue Arc) at 1.1348 top and there likely the weekly trend again has turned from up to down.

And that`s why within this perhaps now running weekly downcycle the still PENDING & ACTIVATED first test of 1*2 Angle out of 2017 Low finally could come true.

EURUSD points lower for some weeks or the US Dollar Index points to important higher June lows are finally in and smells higher for the coming weeks and this usually should put a lot of pressure on the Gold and Silver sector, which has been doing pretty well since end of May.

But..., I think just after the very first test or FINAL work off of EURUSD monthly 1*2 Angle above the Precious Metals Complex will be allowed to rally above since years braking main resistances. Just when EURUSD strong yearly downtrend signals an end the gold and silver and related stocks should rally further substantially...

Problem for possibly more sustainable gold and silver and Miners Stocks rallies is that setup above signals that the EURUSD bear market usually should to continue towards end of 2019. Just then the very confirmed downwards-pushing monthly Blue Arc influence ends at next coming ITL, the orange-dotted highlighted important time line vertical.

The SPDR Gold Shares ETF (GLD) reflects the performance of the price of gold bullion held in London less the expenses of the ETF.

A W.D. Gann main rule is to sell a Double Top. And especially when it arrives - again - at a 6-years lasting very strong DECADE resistance environment, like in the case of gold, it promises some bear success.