Possible minor retracement for Gold.
Updated
XAUUSD After creating another ATH, market is expected to go through another exhaustion phase. As depicted in the chart, market shown multiple signs of rejection at the 1.618 Fib Extension level. Down to the 15 minutes chart, market formed a H&S pattern as well. For confirmation, we can wait for the neckline to be broken before we can confirm a retracement/MSS.
Trade active
15 minutes neckline has been broken and hourly candle has successfully closed beneath the neckline too. Trade looking good for now.Trade closed manually
Market does not seem to have the volume to go lower at this point of time. Watch out for SLs and manage your funds properly. NFP coming up tomorrow, I will do another round of analysis in preparation for news.
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