GOLD\XAUUSD (Y20.P3.E3).Macro.More downward pressure

Hi All,

Looks like a bearish correction, moderate or deep.
For now, I would look at the 0.618 retracement of this impulse\motive wave.
Correlating this level across the volume fix tool, it equates to the previous high main area of volume with this 0.618 level so I would expect a strong support at this level.

Here at the 0.5 fib, one would expect a support\bounce.

Let see how things pan out this week and the coming weeks as the markets show strength to the upside.
Its probably why Gold is dropping.


All the best,

S.SAri

ref. Stocks.charts