Gold is a bit of a pickle. I think both scenarios (long - yellow and short - teal) are quite possible. It all depends on how price reacts on 1250 support level.
For long, I would expect a very aggressive bounce up. Perhaps double bottom on lower TF, or some other revearsal pattern
For short, spike throught it, a slow grind up and re-test, then spike low.
I'm 55% more prone to long this at 1250, related to my eurusd expectation. However, wait for a setup. For now, it's a range.
Of course, wait for proper triggers, this is just an outlook
Good luck all
For long, I would expect a very aggressive bounce up. Perhaps double bottom on lower TF, or some other revearsal pattern
For short, spike throught it, a slow grind up and re-test, then spike low.
I'm 55% more prone to long this at 1250, related to my eurusd expectation. However, wait for a setup. For now, it's a range.
Of course, wait for proper triggers, this is just an outlook
Good luck all
Comment:
We might see the bounce up now. Not sure though, as we dipped lower than I expected