XAUUSD Short Setup

From a COT perspective, we can see that gold is starting to lose its momentum. After building a second, smaller top, we can prepare for a possible correction towards the 1500.00 area.

Why there?
We have a double confirmation point from the 0.618 Fibonacci level and a monthly critical zone. This makes this area a perfect demand spot.
A good indicator for this to happen will be a close below the 0.236 Fibonacci area, near the 1790.00 mark.

Happy Trading!