MichaelJones56

Gold Short Analysis 09/23/20

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Looking for continuation trade to the downside here on gold. I have highlighted a supply zone on the 4hr chart with the purple zone and the 1hr supply zone in the orange.

Looking for trendline tap and also either a 50% or 61.8% retracement.

Looking more towards 50% because of the 1875 Key level lining up perfectly with it. Yellow highlight is where I am looking for an entry.

Stop-loss based off wick rejection from previous push down.

Target 1 is 27% and target 2 is 61.8% and also another confluence is 61.8% lining up with 1825.00 Ket level.
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