GOLD (XAU/USD) 4Hour Chart
Gold prices just recently bounced off the ascending channel resistance and i am expecting prices to continue dropping towards the 50% retracement level of 1223.62. Possibly, prices may continue going further down until they test the lower ascending channel resistance. Though i have already entered a short position a bit late, it is better to check price action to see whether there could be continued downward momentum or prices are lurking toward higher prices
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