Short Term Trading Idea – Gold

Strategy
Sell Gold at $1715. Stop at $1729 and target at $1690

After hitting a low at $1689.21, price has made a recovery higher to $1714.70. Price is capped by the Fibonacci level 50% and if it comes to be capped at this level, it is likely to be heading lower to test the low of $1689 again before moving lower to $1674

MACD is still bearish and hinting of more price declines. Stochastic is turning up but looks weak. Combined together, this rally could be a corrective rally and another test of the low is likely.

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