Fib_Man
Short

XAUUSD Short

FX:XAUUSD   Gold/U.S. Dollar
106 0 0
Gold             prices have stalled at the 1330-1350 resistance area. In that area resides previous support now turned resistance, the 61.8% retracement of the June decline, and the 161.8% extension taken from June 28th to July 5th. Price has also hit the top of the descending channel that has been neatly holding price action.

Short entries with a stop above 1350 offer excellent risk/reward for an opportunity to get in on this Gold             down-trend that we have been seeing since October of 2012.

With so much focus on U.S. data and when the Fed will taper their asset purchases, Non-farm Payrolls tomorrow could be a huge catalyst for this trade.

Look for a better than expected NFP print and aim for at least a 1:2 or 1:3 risk/reward
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