Month to month, Gold has been on a downtrend, with lower highs and lower lows being made.
Price is currently resisted by a trendline, with the confluence being created by the top of an ed channel.
This results in the formation of a bearflag, and suggests that price is poised to resume the downtrend.
Last friday, a trappedtrader signal was also printed in the form of a shooting star. This gave the oppoturnity to start loading up on short positions at the top of the resistance confluence.