Overall bias for gold is still short, but we have come up to so major level and major fibonacci confluence. I will be taking no short trades with targets beyond 1160 until that level is broken. for shorts back down to recent lows however there are a couple of decent fibonacci confluence areas to watch price around for shorts
We are in a quite important time for gold at the moment, My view on the commodity is bearish longterm down to potentially 840.00. That said Gold is currently showing another short term selling opportunity opportunity. After breaking 1200 last week (which I called in a previous previous gold post) we are currently retracing slightly back up to that level once more....
-weekly ascending channel
-weekly higher low made
-weekly counter trend line broken
-4hr ascending channel
-4hr fib found support at 61.80% level however there is a chance of further retracement before going long
-4hr target 1 - 127.20%.
-4hr target 2 looks very likely as it has confluences with upper channel boundary to make new higher high.