GOLD SHORT TRADE IDEA 240MINS
Price broke a resistance structure btw 1787.87-1783.69 on the 13th of October but failed to use it as support which makes it a fake out.
Secondly price have retested that same structure as resistance and at same time getting to the 61.8% fib retracement of the bearish move btw 1800.68-1760.41.
Currently price is in a corrective bearish flag formation and expecting a sell at the 1hr structural area btw 1777.22-1780.24 which is also a premium fib level of 61.8 and 71%.
Targets
1. 1745.02
2. 1734.10
3. 1720.21
Targets are based using the fib extension tool
Secondly price have retested that same structure as resistance and at same time getting to the 61.8% fib retracement of the bearish move btw 1800.68-1760.41.
Currently price is in a corrective bearish flag formation and expecting a sell at the 1hr structural area btw 1777.22-1780.24 which is also a premium fib level of 61.8 and 71%.
Targets
1. 1745.02
2. 1734.10
3. 1720.21
Targets are based using the fib extension tool
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