Short the pullback into 3920
**H1 view:** After the double top at 4145, gold has collapsed almost 260 points in two days. It sliced through every Fibonacci level and the descending trendline, and is now trading around **3884**, just above the **3860 one-year low**.
Fibonacci of the swing (3860.33 → 4121.25):
- 0.236 → 3921.90
- 0.382 → 3960.00
- 0.500 → 3990.79
**Plan:** Momentum is clearly bearish, but selling at 3884, right above the 3860 support, is a poor trade. A bounce from that area is likely. I prefer to sell a pullback into **3920**, where the 0.236 Fibonacci meets the broken support (now resistance).
**Trade: SELL LIMIT XAUUSD (scalp)**
- Entry: 3920
- SL: 3940
- TP1: 3885
- TP2: 3862
**Invalidation:** an H1 close above 3940 means the pullback is turning into a bigger correction, and the short is off.
**If there is no pullback:** an H1 close below 3860 opens the way to 3800. In that case, I'd look to sell a retest of 3860 from below instead.
Not financial advice – manage your risk.
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