GOLD Retracement for the Next Wave of Selling

Gold is retracing mostly because of the AUD strength. The market went to resistance and I expect bearish continuation.

1738-1746 zone should provide us with bearish rejection. W H3 is an additional level which provides confluence to bearish gold outlook. 1-2-3 pattern is in play. Targets are 1725 followed by 1714, 1699 and eventual retest of 1672. I don’t expect all targets to be hit at once but possibly during the week or next week.

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Cheers and safe trading,

Nenad