Hi guys, today i want to bring you my view of gold. It's been in a recent uptrend and it's creating new highs but i think this could be a bigger retracement of the downtrend in the big picture (weekly). By using a simple AB=CD harmonic pattern and two Fibonacci levels i've managed to create a small reversal zone where price actually is right now. Here we have two different AB=CD harmonic patterns, a 618 retracement and a 1.618 extension. The RSI is in overbought condition. All these conditions together make me think it could be a nice shorting setup.
If you want to share your view, feel free to comment below. Otherwise, see you in the next chart!