Kieran_Duff

Gold - Potential Scenario

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
I have been pretty bearish on Gold for a while now, as I think price is currently running on delusion and greed.

We've now broken a 3-touch level with a nice clean bearish H4 candle. I would like to see a nice rounded retest giving us a 50% fib retracement confluence from the most recent Daily swing points.

The cause for the sudden drop today is the unexpected positive deviance from the US PMI data showing extremely promising results.

I will be looking to pivot short off of this level and ride to the next level posing as the FTA .

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