Gold fell quite a bit today, it has formed a bearish cypher on lower timeframes. Price rejected beautifully from the resistance zone of 3249-3246, which also coincides with .786 fib level. It very clearly visible on 1, 3, 5 min timeframes. Price is currently at support zone (3234.5-3231.5) as well as trend line support. If and when this level breaks down and completes a succesful retest, I would enter a short with take profit level at 3210-3208, with stop loss around 3235.
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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.