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Gold is trading at $1,917 level as the price has registered an aggressive sell-off in the last hours. It remains to see what will happen because the current development could signal that the upside is complete and that the yellow could start a corrective phase.
The price has reached another historical high at $1,981 level, this was the moment when the buyers have decided to get out, the sellers have taken full control in the short term and could push the price back to $1,900 level. Still, the aggressive drop could be only a temporary one, the retreat was somehow expected after the aggressive rally.
I've said yesterday that Gold could approach and reach the 250% Fibonacci line if it will close above the warning line (WL1) and above the R3 ($1,936) level. The price has jumped above the 250% line, but it has failed to close above this line, actually, it has registered only a false breakout with great separation above this upside obstacle signaling exhaustion and a potential reversal.
We may have a selling opportunity if the gold price stabilizes below the warning line (WL1) and below the R3 ($1,936) level, a retest of these levels or a false breakout above will bring a great selling opportunity.
Besides, a valid breakdown below the 150% Fibonacci line and below the $1,900 could announce a further downside movement in the short term. Still, you should know that the current retreat could bring a buying opportunity.
Another jump above the R3 ($1,936) and a valid breakout above the warning line (WL1) will signal an increase towards the $1,981 high again.
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