GOLD:SELL From Resistance Area 61.8% FIBO Bearish Channel SHORT

29 Sep 2022

As explained in the previous Ideas, ( everyone taken the profit ) the GOLD in the strong downtrend, in the last sessions had a Pullback on the previous Resistance 1660.00 in confluence with the dynamic trendline ( Works also as Resistance ), and the 61.8% Fibonacci level plus the 50 Moving average where the price today, shows a Rejection to have a deeper retracement. The Strong downtrend seems to come back to have the dominance of this market, as you can see the Ichimoku forecast in H4 is still Bearish, the price it's inside a bearish channel, and also the stochastic is still in the Overbought area ready to have a new Push on the lower side of the indicator range. All these clues, plus the general market conditions ( Fundamentals ) put our forecast about a new SHORT impulse.