Daily outlooks of the Gold looks more bearish. Already establish a new support and quickly first resistance. This resistance seems to have been support historically back in July 2016, only tested as resistance on the 4H and D1 chart once. Fib retrace tools shows strong signs of a possible retrace(already crossed the 50.0). My opinions to entering a short trade here will be,
1) For stronger trade, wait to see if market breaks upside to the 61.8 at 1255 price. Then short after first candle confirmation.
2) For more aggressive move, wait to see first candle confirmation after market has fully tested new resistance.
Entry - 1235
S.L - 1255
T.P 1 - 1220
T.P 2 - 1195
Trade with caution.
1) For stronger trade, wait to see if market breaks upside to the 61.8 at 1255 price. Then short after first candle confirmation.
2) For more aggressive move, wait to see first candle confirmation after market has fully tested new resistance.
Entry - 1235
S.L - 1255
T.P 1 - 1220
T.P 2 - 1195
Trade with caution.