On the 4H chart, Gold
has been moving in a descending triangle
. Previously, the price rejected from the lower levels of support around the trend-line and began moving back upwards towards the top trend-line. Once there, price bounced back downwards quite powerfully; however, the price came back up for a retest and was once again rejected. This allows for a trade with a tight stop-loss at around 40 pips, with a potential upside of 150+ pips.