Jimi95
Short

XAUUSD TOP DOWN

FX:XAUUSD   Gold Spot / U.S. Dollar
340 0 5
1. Monthly Timeframe:
i) 2000 pip ranges
ii) Monthly 1,300 round number rejection as well as kumo cloud res/rejection
2. Weekly Timeframe:
i) Week of 19th & 26th Jan 2015 Cloud & 61.8 fib rejection & lower high
ii) Strong Bearish Continuation price action
iii             ) Price making Lower Highs and Lower Lows
iv) Price failed to make new LL, current retracement into structure resistance confluent with smaller 61.8% level & inner TL touch

Targets:
• 1060s
i) -27.2 extension
ii) New Lower Low

• 965/55s
i) Heavily confluent area:
ii) -61.8 extension level
iii             ) Avg             range support
iv) Monthly 200 EMA touch

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