Multiple confluences to support the short idea.
1. Ascending triangle at the edge of the major channel
2. Channel Resistance
3. MACD Divergence
4. 786 Fibonacci retracement lines up with channel resistance
Tonnes of confluence on the weekly chart for Gold to bounce off at 1358 as shown in the chart.
1. SMA support
2. 50% fib support
3. Descending Channel Support
4. Ascending trendline Support
Until then, I will be shorting it any opportunity I get! Will play the ranges in the descending channel.