Ok. I am a bit confused.
With Gold hitting fresh highs not so long ago how can the trend change from UP to Down. The short-term may have changed(which I personally doubt).
I do not analyse gold charts that much but if technical analysis is used in its simplest form I would have to say that gold is correcting and may break out towards the upside again. The downside to me looks maximum to 10,500(my buying level is 11,000 and adding on dips after that).
Many experts see Gold at record highs by the end of the year, probably around diwali season. Since Diwali is not more than 2 months away and traditionally Gold goes up during this season, so go with the seasonal trend.
Neo