forexwithfred
Short

Gold To Show Short Term Short Opportunity

FX:XAUUSD   Gold Spot / U.S. Dollar
From pure technical analysis . There are numerous confirmations of Gold , firstly, looking at the Fibonacci retracement ; it tends to be trading between 78.6% as a resistance level and 61.8% as a support level . Using historical price action, this would indicate a bounce off the support level found at the 61.8% level. Although, I believe this price will be broken due to a recent cross over between two moving averages. The blue (30SMA) has recently crossed over the red (10SMA). This crossover can lead to start a downtrend, as well as this, the ADX is showing a strong trend of bearish trend .
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