Gold is currently in a clear downtrend after failing to hold above the mid-channel. Price is retracing into a potential short zone with confluence from the moving average bands.
Fibonacci Retracement: Price is reacting near the 38.2% level (3,318).
Downside Fibonacci Targets:
1️⃣ 3,249.36 (38.2%)
2️⃣ 3,228.11 (61.8%)
3️⃣ 3,193.73 (100%)
As long as the price stays below the red resistance zone, the bearish momentum is likely to continue toward the lower Fibonacci targets. A break above 3,339 would invalidate the short setup.
Fibonacci Retracement: Price is reacting near the 38.2% level (3,318).
Downside Fibonacci Targets:
1️⃣ 3,249.36 (38.2%)
2️⃣ 3,228.11 (61.8%)
3️⃣ 3,193.73 (100%)
As long as the price stays below the red resistance zone, the bearish momentum is likely to continue toward the lower Fibonacci targets. A break above 3,339 would invalidate the short setup.
Trade active
Note
Enter around 3340/50 for a sell 
Related publications
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.
Related publications
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.