Currently trading inside a descending channel however price has just bounced off a 38.2 fib and structure. Break and retest of this channel and price could potentially head back up to the previous highs.
Last week saw a breakout of an outer trendline following a bounce from the 50 fib. Currently price has made a new high and is now retesting. Long opportunity with the first TP being at the -27% extension. (1.614)
Awaiting confirmation to short for a continuation to the downside.
61.8 fib level (highlighted) would be ideal as it would be fluent with structure and offer a great R:R.
Target following entry is @ 143.80 - Confluence of two fib levels aswell as structure.
Double top at resistance, now a potential AB=CD pattern playing out following the rejection at the 78.6% fib level. A counter trend line break will provide confirmation for entry with the target being the -0.27 fib extension at 9000. Fluent with structure and a 61.8 retracement fib level from the previous up swing.
Approaching inner trend line resistance on the 4HR chart. If it holds, a shorting opportunity down to the -0.618 target extension, fluent with structure. If a breakout and retest occurs, a long opportunity back up to 0.84. 38.2 fib level and outer trend line resistance.
As annotated on the chart - Price has entered a PRZ which is also fluent with several fib levels and channel resistance creating an opportunity to short gold.
The -0.27 fib extension (target 1) lines up fluent with both support from the descending channel and the ascending trend line @ 1159.07.
Should the trend ...
Rejected by the 61.8% fib creating a LH and now a symmetrical triangle has formed. High probability of a breakout to the downside. First target @ 144.10 close to key psychological of 144. Fluent with -27% fib.
Currently sitting at TL resistance and structural resistance.
Should a clear break of the TL occur, I shall be waiting for a retest before entering long. Targets being 142.0, 143.5 and 145.0. Equal ranges fluent with structure.
Should the resistance be respected we could see a shorting opportunity back down to 139 ...