Order Arises Out of Chaos 2

So far, the MegaPhone (Broadening Top) pattern I wrote about in my previous post, is developing according to plan. Price tested the balance area at 1201 and rejected it with volume yesterday. Notice the bearish close of yesterday's D1 candle. Shorts are favored in the 1200 area, should gold test it today. A daily close above 1205 invalidates pattern and brings back the bulls in the driving seat. As long as price remains below 1201 balance line, on a daily close basis, the bears are in control.

Now here's another Megaphone pattern that I wrote about in my twitter earlier last week (click here), this is independent of the aforementioned and is found on the H1 time frame (look chart below).

After gold broke down the descending line acting as support, it ascended to test for resistance the ex-support and respected it. 1201 is a very important level as it was a conjunction of resistance on 2 independent of each other same type of patterns occurring on different time frames.

Conclusion: Bears are in full control now.

That's all for now, stay tuned, I'll keep you posted with updates.
Good luck,
P.B.