FX.co ★ Gold 07.09.2019 - Potential retracement before new wave down

The Gold did test and reject of the swing low at $1.386 and major low at $1.381 was missed by few ticks, which is sign for me that got temporally exhausted there. Short-term trend is still bearish and I would watch for selling opportunities on the rallies.

The focus now shifts to FOMC meeting minutes tomorrow. Seems like the market is awaiting new information's before the next directional move .On the daily time-frame I found that there is bear cross on the Stochastic and MACD, which represents short-term downtrend. Fibonacci expansion target is set at the price of $1380 (FE 100%) and then $1.346 (FE 161.8%). The 4H time-frame is showing possibility that Gold may retrace a bit before potential new wave down. The good resistance level is set at the price of $1.405-$1.410 (Fibonacci confluence). As long as the Gold is trading below the $1.410, I would watch for selling opportunities.