Beware Gold W formation is still in progress

Gold is experiencing a reprieve to the 1943-45 price area but the complete bearish slope still have a potential extension to the downside into the 1904-8 area.
Here the sequences for XAUUSD

Commentaire:

The mentions 1945 area wasn't strong enough and Gold managed to push to 1955 zone. Let's see if we have the actual retracement from that level:

Transaction en cours:

Short from 1954.5 currently 1935

Trade fermée manuellement:

I am out of my 1954.5. I book my profit in 1929. The reason is that the daily close is natural resistance. The downside trend line is still valid. I will publish a new idea once that new bounce from the daily close is more formed.