Gold (XAUUSD) Retracement started, declines to continue!

Price has faced multiple rejections form R1 ~4435, after facing rejection from strong resistance, it had consolidated within R-1 and S-1 and there after broke below the S-1 and a bullish trendline, expected to continue it's decline S-3 might act as strong support but, if that is breached it could directly retest 4300 levels.

After a week long one sided up move, trend was clearly showing signs of exhaustion, inability to achieve newer highs had made the price structure fragile.

Bearish sentiment is clearly visible expected to continue in the bearish direction, should be looking for short trades only, after each pull backs we can initiate fresh shorts, and on breakout of consolidation would be nice opportunity to take fresh shorts.

For Educational Purposes only, Not an Investment Advice, Always use strict Risk management measures.

Regards CrazyTrades247.