FX.co ★ Gold 07.10.2019 - Good sell zone around $1.408

The Gold did exactly what I expected yesterday. Gold is at the critical Fibonacci confluence resistance at the price of $1.408. This area may provide very good selling opportunity.

On the 4H time-frame I found that there is rejection of the key Fibonacci confluence that I marked with the green rectangle. It is not bad idea to look for short opportunity on the Gold with the potential protective stop at $1.415. There is a good chance that Gold trades at least to previous swing high at $1.399 or even $1.382. On Daily time-frame, I found that there is the test of the 3DMA, which provides nice resistance.