Potential XAU/USD Short 4HR Fib Retracement & Counter Trendline

13 Mei 2019

After keeping a close eye on Gold prices recently we can see that we are in a obvious downtrend. I have drawn in my fibonnaci and we can see price is respecting the 50% retracement level acting as a very dynamic area of resistance with some clear bearish engulfing candles onces testing this area. Although the counter trendline has been broken I spotted a key daily area of support around (1280.000). For me to take this entry I would like to see a close below the 1280.000 region to confirm that shorts are in play and target the first Fib level (1254.439). Be patient with this entry as we never made clear lower lows previously on the 4HR.