Beware Gold W formation is still in progress

Aug 20, 2020

Gold is experiencing a reprieve to the 1943-45 price area but the complete bearish slope still have a potential extension to the downside into the 1904-8 area.
Here the sequences for XAUUSD

Aug 20, 2020

Note

The mentions 1945 area wasn't strong enough and Gold managed to push to 1955 zone. Let's see if we have the actual retracement from that level:

Aug 20, 2020

Trade active

Short from 1954.5 currently 1935

Aug 20, 2020

Trade closed manually

I am out of my 1954.5. I book my profit in 1929. The reason is that the daily close is natural resistance. The downside trend line is still valid. I will publish a new idea once that new bounce from the daily close is more formed.