Gold has broken the ascending channel in the daily chart:


The price has formed a bearish engulfing in the 4-hour chart, touching the horizontal broken level 1315.80 and the broken line from the daily chart. The chart data and candlestick patterns indicate that Gold will keep going down until the level 1315.80:



The piercing line pattern has formed and is now touching the ascending channel and 50% Fibonacci level, which lays over the latest ascending move. Here the cross-rate correction stops (a drop had already stopped at the nice 50% Fibonacci level), and the pair continues heading North:


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