GOLD XAUUSD Analysis - *TRENDLINE AND FIB*

My short term bias is bearish down to the bullish 4hr trendline and the $1518 price zone. This is where the 0.618 retracement of the last bullish wave sits along with the -0.27 fib extension from this weeks early pullback after the weekend gap was closed.

Once price hits the $1518 zone I will look for the break or bounce of the bullish trendline. Ideally, long trades have the higher probability of success due to last weeks bullish candle close and the daily/4hr making higher highs and higher lows now.

Price could break the trendline in which case I will look for a break & retest entry to go short.

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