Im bearish on gold until it hits the 1730 area as that is the 78 retracement level and from looking at the daily timeframe you can see that gold has failed to break the last lower high resulting in what looks to be a double top. Also when gold sold off it closed BELOW the last higher low giving me an impression that the sell is far from over. Yes I know that it looks as if it respected the double bottom retracement zone but if you look to the left it already did that prior in order to continue up so in my opinion our next retracement level would be the 78 level to continue the push to 1990/2000.
Comment:
If you saw this idea and followed it...TP SMASHED! +400-670 pips depending on your entry.