Potential short opportunity for Gold.
Retested previous resistance twice and failed to break.
Target on 0.782 retracement, is also a fib extension from previous pull-backs (1.618 and 1.414).
TP 1) 1286
TP 2) 1264
SL 1312
The intersection of the median line (ML) of the upsloping pitchfork (PF) and the warning line (WL) of the downsloping pitchfork, creates an area of confluence (highlighted in turquoise) where there are alot of sellers in position. Confluence areas gives the trader an edge into the future in spotting massive accumulation of buyers and sellers.
As price approaches...