100% retracements are great because that means you are taking the least mount of risk when entering into the trade. With price under the 200ema, this is a great short trade setup that has a great risk reward ratio. Once price reaches support, we can then continue monitoring price action to see if price continues with an inverse head and shoulders pattern.
As we see another bearish divergence Pattern form on the chart, we can suspect that price will drop to at least the same support as the last one shown on the chart. Watch price action on 4 hour chart to determine if price will continue to break down or retrace again from there.
With the uncertainty of our stock market, a lot of investors have started investing their money into assets that are more likely to retain their value. With the price of gold nearing an all time high, we can expect for there to be a huge wave of sellers to flood the market causing a slight pullback before continuing to the upside.