ThaboZA
Short

GOLD Divergence/Wedge/Cypher Patterns SHORT

FX:XAUUSD   Gold / U.S. Dollar
The chart is self explanatory.

Scenario 1:
  • - Bears push the price down to around 1300.00 which is between the 61.8% and the 50.0% Fibonacci retracement levels and bounces off any of these two levels to POSSIBLY test the previous high.

Scenario 2:
  • - Bears push the price down to around 1300.00 which is between the 61.8% and 50.0% Fibonacci retracement levels, instead of bouncing back up, price breaks out the bottom of the rising wedge and the rest is history.

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