Price has formed a high and a higher low on the 4HR and is looking to create more structure whether it be highs or lows. Price has also respected the golden zone on the fib and also respecting the trendlines uptrend movement. Gold has been pushing upward showing strong bullish momentum in the past few days. This can be a higher timeframe retrace to continue further downwards. Based on other confirmations I will be looking to buy in the price range of 1713 and 1723 if structure forms new highs and a higher low. Sells are looked for when rejection of Resistance is shown around 1730 area where a higher high can be made .
Comment:
Stimulus news and other fundamentals can cause gold to melt to the downside so pay attention to Resistance Areas.