GOLD -- WILL IT BOUNCE BACK OR IS IT ENTERING DOWN TREND ?

This is weekly chart of GOLD-MX. It is trending in a channel and given breakout above the channel on week ending 6/8/11. But recently it entered the channel  once again.   It may be false breakdown but as of now until and unless it gives close above upper trend line gold is sell on every rise. And it may target lower trend line approximately 29000-29500

NEXT TARGET ? 6150-75

On 3'rd Dec in this post ? MARCHING TOWARDS 5950, 6175, 6300 we have mentioned that " The hurdles for this are shown by 3 red lines in above chart which are at level of approximately 5950, 6175,6300. NIFTY may start correcting/ falling from these levels, but we will see for reversal signals on chart. ". On 6,7,11 dec it made high near 5950 level and started correction. After that it consolidated in very small range of 5850- 5950 (roughly) almost for 18 trading sessions it finally gave break out above 5950 and closed at 5993.25. So now if it holds 5850-65 range on daily closing basis now it will target it next huedle around 6175 and from this level it may start correcting.

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