GOLD - Major UpdateGOLD (US$/OZ)TVC:GOLDVIAQUANTThis is an update to my last post: In that post, I stated: “In addition to this retest of the green trendline as an area for new sellers to take control, the orange trendline is also in play. This trendline represents a series of higher highs connected by the wicks. At the moment, both the orange trendline and the green trendline are converging near the current price. This increases the probability of a breakdown, as both trendlines are acting as bearish tests.” Gold was able to break above the orange trendline briefly, but continued to close key candle bodies below the green trendline (bearish retest #2). Once price dropped from the green trendline, it fell back below the orange trendline, held it as a continued level of selling, and then saw a further drop. Now price is retesting the 0.618 of the micro trend (from the last swing high to the swing low). This is something else I mentioned in the last post: “Last thing to note: if Gold continues closing key candle bodies below the 0.618 of the trend, that will be another sign of a macro lower high being formed.” This is a lower-time-frame (LTF) level that needs to be monitored closely. The main level to watch remains the 0.618 of the macro trend, which sits around $4,900, with particular attention on the weekly candle closes at that level. One other thing to note: price didn’t quite reach the 0.786 of the micro trend, but it did see a near-perfect rejection from the 0.786 of the macro trend. That 0.786 level was at $5,256, and the last high came in at $5,250. Here is my post that outlined that level: