With my amateur eyes, I see alot happening. There's a possibility of a head and shoulders here. If we get that then Gold might continue with its down trend.
However, we can also see a double bottom after that long downward trend. And at the moment, the price looks like its going back upwards. For now, its a waiting game for me, if we break that possible formation of the RS, then I will go long however, if Gold decides to form a right shoulder, then I will wait to see break of the neckline to go short.
Another possibility is that Gold can respect that current trendline. In that regard, we'll be presented with a long opportunity back to the resistance zone. For now, I am still biased with a bullish move. Just waiting for the perfect time.
However, we can also see a double bottom after that long downward trend. And at the moment, the price looks like its going back upwards. For now, its a waiting game for me, if we break that possible formation of the RS, then I will go long however, if Gold decides to form a right shoulder, then I will wait to see break of the neckline to go short.
Another possibility is that Gold can respect that current trendline. In that regard, we'll be presented with a long opportunity back to the resistance zone. For now, I am still biased with a bullish move. Just waiting for the perfect time.
Comment:
Traders please watch out, price might retest that support zone (now resistance) and decide to shoot straight up or if that fails then we'll see our Gold melt to the next level of support.
I wont enter the trade now because its the last day of trading, so I will wait to see how price opens on Monday.
Good luck to you all traders