Hellena | GOLD (4H): Short to 100% Fibo 1966.

Dear Colleagues, the price showed a strong momentum of downward movement. I have redrawn the waves and I suppose that the price will continue to decline. The downside target is the area of the 100% Fibonacci extension level of 1966. Either the price will continue to update the minimum of wave 1, or there will be a correction in wave 2 and then the formation of wave 3 will begin.

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Comment:

Dear colleagues, the price has reached the resistance area of 2024. I think that wave 2 is either over or will update the maximum a little more. From now on, I consider only short positions.

Comment:

Dear colleagues, the price has reached the resistance area of 2024 and even a bit higher. From now on, I consider only short positions with the aim to reach the target of 1966. I remind you that this movement is a downward wave 3.

Comment:

Price again tried to renew the high of wave 2, but stopped at the level of 2037. This gave us a new opportunity to go short. So I still expect a downward movement and the formation of wave 3, which will reach our target.

Comment:

You need to watch the price movement closely today. If the local high of 2036.850 is updated, I suppose the scenario should be canceled.

Comment:

The price is moving in one range and it won't be long before it moves out of it. I still suppose that the price will go to the lower target in the area of 1966. But I strongly recommend to take the trade to breakeven. The situation is not stable.