News event that could affect this trade

. (USD) Fed’s Yellen Speech
. (USD) Initial Jobless Claims



Gold had retrace back to daily role reversal area in confluence with MM3 and Fib Sell zone. With daily stoch in overbought territory, I'd go into smaller TF and look for selling opportunities.


On hourly, price is trading at WM4- bulls profit taking zone for the week. Bullish price momentum seems to be slowing down with divergence and price being squeeze in a diagonal. I'd watch for price to breakout of this diagonal pattern as a confirmation go short on gold

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