Price has bounced from a key level and dropped with a sharp move. It has been in a correction since then, a correction which may end either from a new decline of price from the 0.618 fib of the impulsive downmove or the breakout below the structure. Either way we have a good sell opportunity in gold for the upcoming week.
Key level
Key level
Comment:
Price broke below the correction
Comment:
Price has reached the 1.27 fib level of the previous impulse. A very nice level to close a part of our position. Price is now moving sideways and i believe we will have another move to the down for our final target.