It is almost inconceivable that gold can break through this area on the first attempt. So a sell here is logical specially when price touches 1746-1748 zone.
Will it break through? At this time and in the current wave, I dont believe so.
However if it does cross with a strong H4 close we have to seriously consider 1769-1772 as the next target.
We have a very strong support here complete with a perfect AB=CD...Target can be 1740 and 1748. And maybe 1772
But this will be the last buy setup for Gold before falling below 1700 and hitting 1600...We have very strong negative divergence in higher timeframes
Everything looks good for a rally up...however there are 2 problems
1-Everyone is expecting the exact same move with the exact same pattern
2-Moving averages do not support this move
Also we have less than two hours before we reach a very dense PRZ in TIME.
Something is up...it is also possible that we hit 1581 but only momentarily in lower time frames and...