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Short

XAUUSD short. Bears may be ruling for some time!

FX:XAUUSD   Gold / U.S. Dollar
Asset: XAUUSD            
Bias: Bearish
Time frame: Weekly
1. Fibonacci retracement low of 13/10/2008 to high of 29/11/2011
2. Fibonacci retracement low 14/12/2015 to high of 11/7/2016
3. Trend line from high of2011 and high of 2016
Next probable gold             support seems to be at 1296-1297 zone, and if that is broken then gold             may find support at 1248, which is .382% of recent Fibonacci retracement . More obvious support seems to be at 1209 area.
Comment: Gold broke the $1296-97 zone and is it heading toward $1248! $1209 is not too far away!
Comment: Heading up again after visiting well below $1209! Lets see whether this time it breaks the downtrend line!
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