GOLD (XAUUSD) SET TO TAKE A NOSEDIVE

Hi Traders,

The 4-hour chart of XAUUSD shows a bearish reversal from a key resistance level at 1346.80 that broke below a support zone.
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Currently, the price is retesting the swing level that lined up with Fibonacci ratio and moving averages in wave (iv) of A.
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Considering that the price has reached a critical confluence area and the corrective zigzag pattern is almost completed, the odds strongly favored a sell-off below 1280.63 from near current levels.
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As always, we will wait for the breakout of the blue CTL to confirm the sell setup.
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Thanks for reading
Veejahbee.