Expecting to enter a sell position after gold attempts to make one last move to the upside.
I'm bearish on gold because in my opinion gold is overextended, looking at the larger time frames (weekly and monthly). Gold had a massive push to the upside now it's time to sell off some of that and this current retracement explains the bearish movement.
Price broke below the previous low which formally acted as a form of support. Now that that previous low has been broken, price made a retrace to test this area and it is now serving as a form of resistance.
This resistance (former support area) also correlates with the 50.0 fib level, which is the level we look to retrace to once we break a support/resistance level.
I am looking for price to ultimate fall near the 1700-1710 level. This area correlates to the -.27 fib level on the daily and the 61.8 fib level on the weekly time frame.
I'm bearish on gold because in my opinion gold is overextended, looking at the larger time frames (weekly and monthly). Gold had a massive push to the upside now it's time to sell off some of that and this current retracement explains the bearish movement.
Price broke below the previous low which formally acted as a form of support. Now that that previous low has been broken, price made a retrace to test this area and it is now serving as a form of resistance.
This resistance (former support area) also correlates with the 50.0 fib level, which is the level we look to retrace to once we break a support/resistance level.
I am looking for price to ultimate fall near the 1700-1710 level. This area correlates to the -.27 fib level on the daily and the 61.8 fib level on the weekly time frame.