When looking at the XAU/USD
) daily chart
we can see that, price stopped below February’s highs near 1263.50USD per ounce. The resistance zone
is strengthen by the 61,8% Fibo retracement (November-December 2016 depreciation after the US presidential elections). Last time 1263.50 pushed the price more than 60USD lower. We should wait for Price Action signal (currently market is drawing outside bar formation) and then open a short position targeting lows from this month and then the March dips.