As annotated on the chart - Price has entered a PRZ which is also fluent with several fib levels and channel resistance creating an opportunity to short gold.
The -0.27 fib extension (target 1) lines up fluent with both support from the descending channel and the ascending trend line @ 1159.07.
Should the trend line break secondary targets are point 2 of the...
XAU/USD still has a way down to GO!
WEEKLY lower high and lower low structure = BIGGER PICTURE DOWNTREND....
Bottomed at 1132..(was expecting 1100) and had a choppy corrective retracement but STILL
put in a lower swing high on the Daily TF...(1227 ish)
Now awaiting downside continuation with 1130 to be hit then 1070 (forming a new lower low)
Read price action...