Have we reached a short-term top in gold after the sharp swing lower?

FUNDAMENTAL OVERVIEWThe strong bullish momentum seems to have waned for the time being as we enter a potential pivotal month for gold. We reached a point where it looks like just FOMO rather than something fundamental because these prices are not justified in the short-term. A strong report would trigger a hawkish repricing in interest rate expectations and put pressure on gold. GOLD TECHNICAL ANALYSIS – DAILY TIMEFRAMEGold - dailyOn the daily chart, we can see gold sold off back to the upper bound of the channel which is now acting as support. GOLD TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEGold - 4 hourOn the 4 hour chart, we can see more clearly the rejections at the upper bound of the channel as the dip-buyers started to step in.