GOLD XAUUSD Analysis - *TRENDLINE AND FIB*
My short term bias is bearish down to the bullish 4hr trendline and the $1518 price zone. This is where the 0.618 retracement of the last bullish wave sits along with the -0.27 fib extension from this weeks early pullback after the weekend gap was closed.
Once price hits the $1518 zone I will look for the break or bounce of the bullish trendline. Ideally, long trades have the higher probability of success due to last weeks bullish candle close and the daily/4hr making higher highs and higher lows now.
Price could break the trendline in which case I will look for a break & retest entry to go short.
Once price hits the $1518 zone I will look for the break or bounce of the bullish trendline. Ideally, long trades have the higher probability of success due to last weeks bullish candle close and the daily/4hr making higher highs and higher lows now.
Price could break the trendline in which case I will look for a break & retest entry to go short.
Trade active
Trade closed: target reached
