On Monday and Tuesday, the Gold tested 1232/1233 once a day, and now the price formed a pattern of Double-Top, confirming 1225 being the resistance (support to resistance).
It is more likely to test support at 1216/1218.
If the price went straightly down and broke 1216, then I would see 1210 be the next stop.
If the price got supported at 1216, then 1225 would be the key resistance to look. The formation of Head and Shoulders will be a possibility.
Therefore, I'd like to look for a sell position around 1225 by the end of day.
It is more likely to test support at 1216/1218.
If the price went straightly down and broke 1216, then I would see 1210 be the next stop.
If the price got supported at 1216, then 1225 would be the key resistance to look. The formation of Head and Shoulders will be a possibility.
Therefore, I'd like to look for a sell position around 1225 by the end of day.