Im looking to short gold below the 1178 support level. This will be an attempt to catch price action fall to the 61.8% Fibonacci Retracement level which is at 1164.70. A failure of this Fibonacci Support level to hold will see a drop lower to the 76.4% Fibonacci support level of 1157.83.
My stop loss will be placed above 1196.
We are currently stuck in a range of 1182.68 and 1193.79. We need to break out of this range and I want to catch a ride to the downside.