Metals : Gold selling panic would continue, part II

As we expected our first target was done when gold reached 872$/Oz, after that it retraced to 952$/Oz the area which capped it 2 times before, and as we expected it wasn't able to break into that level, once it touched it, it reversed back down again targeting support level "905" which we referred to last time, and it touched 904.30, retraced to close at 917$, but now, what is coming??!

This chart tells us that, price was capped three times under 952 price area, which is now a very hard resistance for gold to break above, it went down and tipped 904.30 "905 support key", retraced a little to 917, looking at these inputs, aside with all fundamental inputs, daily chart gives us a strong signal that gold will continue its way down, we have 2 scenarios:

1- Breaking of 882 and closing under it will give us a confirmation for forming a head & shoulders which would be targetting 718$/Oz

2- Breaking 872 "last bottom" will confirm wave (C) begining which will target 842$ at least later 789$.

As i said in previous analysis, it's over for gold for now, rally ended.

Metals : Gold selling panic would continue!

The yellow metal, the one every one loves and a lot die for, is under selling pressure right now, by looking to its chart we could notice how are people afraid since it touched 1000$/Oz, it couldn't handle being above 1000$ for more than a night or two as every time it passes this level it retraces quickly.
March 19th. candle was an aggressive bearish one with a trend breaking sign confirmed with the following candle which was out the uptrend completely and which gave more power for bears, Fibonacci studies tell us about our targets of shorting it with 882.50 as a first target "keep an eye of 904-last Thursday's low", 840 as a second target and 790 as a third target while, Elliott waves suggests a final target of 745, a way or another, it's over for gold for now, i think.