Failed to break channel and is around strong weekly area which ended with a sell with a target to lower channel.
Will be adding positions on every retracement I find convenient.
We could see gold changing trend and going back down where it was for a few weeks ago. I'm currently short and first target is to begin with 1325 but definitely expecting price to go much lower.
Before previous week end we saw GJ do a further push up before market closure. Upon new week opening we could see a minor pullback before another push higher than the previous high and might be able to see a new higher high during the upcoming week.
I want to see clear confirmation of a pullback before making any decisions yet.
After such a big drop we need a correction before continuation of our down trend. Therefor I believe we gonna see that correction now.
I'll hold my position with a really tight SL for now.
First target is the S zone and 38.2 fib if we see a break I'll focus on our second target at 61.8 fib.
