Shorting gold on 61.8% fib retracement

With NFP results tomorrow and a much better than expected ADP employment change results on Wednesday, I expect further fall in gold prices. A good entry point will be at 1182, a 61.8% rib retracement with confluence to past support structure. A safe stop loss is above 1197. Target is at 1152 at 141.4% extension. I see gold going all the way to 1120+ but 1152 will be a stop for taking profits.

Kommentar:

1160 proves to be a hard support to break. Trade still in play

Trade wurde manuell geschlossen:

I believe gold has hit it's bottom and to prevent more losses, trade is closed with partial profits