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.
Waiting for price to reach the 618 level which is also previous support/resistance area. Will only be looking take longs once price reaches the area. If not, will look for another set up. Possibly a continuation set up for this pair.