last time we looked at gold I was expecting a test of my red line and a break to the downside, looking at this fib retracement has worked very well for analysis, the 0.236 was where I was looking for price to hold if not then the bias switches bearish.
price broke that level with volume, then came back up to retest the trend line (even more bearish), we then broke below the 0.236 again (highlighted with brush) and have now tested that as resistance, so yes bias is bearish now big time.
I am looking specifically at one big target for this breakdown and that is to the previous swing low at 1757, it is hard to pinpoint this drop but I would probably be patient let's see the trend continue, lower lows/ lower highs etc then try catch a high and short. maybe even look for a double top pattern on the 0.236 and will be a strong sell at that signal.
price broke that level with volume, then came back up to retest the trend line (even more bearish), we then broke below the 0.236 again (highlighted with brush) and have now tested that as resistance, so yes bias is bearish now big time.
I am looking specifically at one big target for this breakdown and that is to the previous swing low at 1757, it is hard to pinpoint this drop but I would probably be patient let's see the trend continue, lower lows/ lower highs etc then try catch a high and short. maybe even look for a double top pattern on the 0.236 and will be a strong sell at that signal.