This is the tradingplan for next week a bounce back to the ''resistance'' zone what really is going to happen is amateur traders will short that level and provide liquidity.
If gold would not bounce from 1240, and keep going down, I will watch the price action around 1236 and consider taking a long position with conservative target at 1245.
We have brokeout of short term rising channel + continue of down_movement on channel on W TF + correlation with rising DXY. So, looking for short position.
On background the down_trend we have a good opportunity to following the trend from 'supply zone'+0,786 lvl. RSI confirm this idea, because in overbought zone.
On background the down_trend we have a correction/ and we will have the continuation of down_trend: 1st option - from 0.5 level fibo line + RSI potentional sell signal 2nd option - from 0.786 level fibo line + sell signal from "demand zone"