Price is rejecting after reaching 0.618 fibonacci retracement, creting a new 'lower high' and now going for a new ' lower low'.
As we can see price rejected 61.80% fibonacci retracement, I got a late entry but still good risk/reward ratio.
We can see double bottom pattern is taking effect right now, price heading up to 1307.00. After that we MUST see a triple top rejection making a new lower low on this pair.
Probably it will drop from this point, targetting 1278.00
Right now we wait for the retest on the trendline to continue potential longs, targeting 61.80 fibonacci retracement.
We can see a double top + fourth rejection on trendline. Strong bearish movement coming up.
To confirm a sell here I could be safer to wait for the break of the trendline but I trust the golden ratio.
Price is currently forming double bottom pattern right on the retest of the support which is ALSO a fibonacci retracement 61.80%
We can see price has been consolidating but respecting the double top pattern as well as the golden ratio. To confirm short position I need a clean breakout off the trendline on the 4h timeframe.
We can see a clear and beautiful double top pattern, I just need a break of the trendline so I can sell for sure.
Gold will be continue going up at leat at 61.80 Fib level. ONLY THEN I can expect a big short bias.
Following the trend we can now confirm the continuation of this pair
Good engulfing bearish candles, so It is a confirmation to sell now
Good rejection at the third bounce, going short now
It is at a important resistance, price is showing weakness.
We can see right here that price failed at breaking the support, also price is holding at golden ratio. If you look into greater time frames you´ll see a very clear and strong bullish trendline.
If we can see another rejection in the next 2-3 candles, then selling will be an excellent opportunity