XAUUSD H1 Short Setup Narrative
Market Context Gold has been in a strong bullish impulse from the 0.000 swing low (4501.46) up to the 1.000 swing high (4764.32) . However, price has now broken below the 0.618 Fibonacci retracement (4663.91) — a significant structural failure — and is currently consolidating just above this broken level at ~4664.08 . Short Setup Rationale Entry Confluence: Price broke and closed below 0.618 (4663.91) — bearish structural shift confirmed Key resistance zone sits at 4708–4717 (previous support turned resistance) Failed recovery attempts below key support (4683.89) add bearish pressure Momentum clearly shifted south after the May 8 swing high rejection Ideal Entry: Bearish retest / rejection of
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