XAUUSD Channel Down starting new Bearish Leg.

Gold (XAUUSD) has been trading within a 2-week Channel Down, recently rejected on its 4H MA50 (blue trend-line). The last Lower High was priced on the 0.5 Fibonacci retracement level, so currently we are on the ideal level for a new short.

With a 4H Death Cross emerging, we are targeting the 1.382 Fibonacci extension (as the previous Bearish Leg did) at 3210 for the Channel's new Lower Low.

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