dewpoint
Short

Spot Gold

OANDA:XAUUSD   Gold
56 0 3
Been watching this for a few months.

I have placed at fib on this and was watching price, this afternoon i started opening shorts given that the 50% fib looks to have been rejected.

Initial target area at the shaded area of between 1220 to 1210. I'll be looking at that level for some additional follow through, and should this occur i'm looking at the next level between he 11142 to 1124.

Should a reversal happen, back up through the 50% then next area of resistance is at 1278, 0.618 fib.
Comment: Error correction, should have stated 1142 to 1124.

Now that we are approaching the 1220 area, and with the news of a possible US rate hike, we have the potential to see price push straight through this area, which should then target the 1142 and below.

Lets see what the day give us re Fed chair speech on a rate rise.

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