GOLDTREND-NET

A potential 1.618 Reversal

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold has been in an uptrend and finally reaches our 1.618 Fibonacci Extension Level at 1329, which coincides with strong resistance zone at 1328-1331. One can expect some profit-taking at this level. RSI indicator shows gold overbought on intraday chart. Last candle was a shooting star candle which is an unconfirmed bearish reversal. If gold breaks trend line and has this candle close below the previous candle's low, it might go down to support zone at 1308-1312.
Yet, the daily and weekly charts still look strongly bullish so recommend to set a tight stop loss above the previous candle's high or else above resistance zone .

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Trade closed: stop reached: gold exceeded resistance

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