Heavy Retracement back to 1300 for XAUUSD
Major Confluence zone as A) THis was the same key level we broke to confirm downtrend after several Lower Highs
B) This is the 61.8 retracement level which has been rejected multiple times on the 4hr time frame
We are in Over Bought territory with reversal Candlesticks like Bearish Engulfment/ and recently we got a close of a spinning top. Wait for Break below 1300 to confirm short :)
Be careful we have NFP in the morning
Major Confluence zone as A) THis was the same key level we broke to confirm downtrend after several Lower Highs
B) This is the 61.8 retracement level which has been rejected multiple times on the 4hr time frame
We are in Over Bought territory with reversal Candlesticks like Bearish Engulfment/ and recently we got a close of a spinning top. Wait for Break below 1300 to confirm short :)
Be careful we have NFP in the morning
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