Gold Pull-back to 1450, Long-Term Still Bullish

The following views are expressed on behalf of Wealth By Forex:

- Overall we have been short since the double top pattern at the 1550's region and upon the break of the daily bullish trend line in late September - this added further confluence to our belief that we would be seeing an even greater pullback for Gold .

- A retest of the broken trend line/support level at 1516-1519 was where we added fresh new shorts as price began to form a descending channel .

- Extending our analysis to higher time frames and looking at monthly targets, a pullback to 1450 zone which is also a valid fibonacci level is where we are eyeing our potential take profit zone; depending on how the bearish momentum transpires.

- More recently, should we see a close beneath the 1480 and a break of the previous lower-low (1460), we will be extremely confident in hitting the target area.