Asset: XAUUSD
Bias: Bearish
Time frame: Weekly
1. Fibonacci retracement low of 13/10/2008 to high of 29/11/2011
2. Fibonacci retracement low 14/12/2015 to high of 11/7/2016
3. Trend line from high of2011 and high of 2016
Next probable gold support seems to be at 1296-1297 zone, and if that is broken then gold may find support at 1248, which is .382% of recent...
Oil is already meeting with resistance at 50MA, then 100MA is just above waiting! Then comes the long time trend line as drawn. I am expecting price to bounce off these resistances and head lower in the at least the short term.
