XAUUSD Short 2676 To 2560

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Simple chart. Gold trades within a descending parallel channel. Its testing the upper trend which also falls inline with the most recent high/low Fibonacci retracement 0.618 / 0.74 levels, key reversal levels.

Target is the channels median line, which lines up with the -0.272 Fibonacci extension at around 16th-25th Jan at 2560 (116 PIP gain)

Stop loss placed above the channels upper trend, entry at 2676 would even allow for a 2705 stop (29 PIP loss) above a strong resistance, aswell as a strong psychological level.

1:4 Risk to Reward.

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Nota
Fake out appears to be confirmed, now down to the equilibrium.
Chart PatternsTrend AnalysisWave Analysis

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