XAUUSD SELLING ?? FIB REJECTION=PRICE DELFLECTION
It seems that gold is struggling to break key Fibonacci levels. I think this is partly due to the volatility in the cryptocurrency market. In my opinion, there is a distinct correlation between Bitcoin rising and gold falling. While I don’t believe this trend will be permanent, in an uncertain financial climate, I think investors are still determining their "best bet." My bias is that gold will reject the 0.23 Fibonacci level and end up retesting support. This play could take a few days to set up.
ENTRY: 2685
TP1: 2653
TP2: 2618
TP3: 2584
TP4: 2561
SL: 2708
ENTRY: 2685
TP1: 2653
TP2: 2618
TP3: 2584
TP4: 2561
SL: 2708
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.