Here is the market outlook on GOLD (XAUUSD) in one hour timeframe. There overall projection is the possible rise in price to around the level of the trendline running from downside. This rise will be in completion of the possible five wave move to the upside in formation of wave "C" of the ABC market move.
But before price breaks the upper boundary line of the triangle there is a possibility of a short-term fall of price in completion of wave "E" of the ABCDE triangle formation.
PRIMARY PROJECTIO: consider buys when price move and close above and retest the upper channel of the triangle presented in this chart analysis.
ALTERNATIVE PROJECTION: If price will fail to break the upper boundary line of the triangle and move down beyond the lower boundary line of the triangle you will consider selling opportunities.
But before price breaks the upper boundary line of the triangle there is a possibility of a short-term fall of price in completion of wave "E" of the ABCDE triangle formation.
PRIMARY PROJECTIO: consider buys when price move and close above and retest the upper channel of the triangle presented in this chart analysis.
ALTERNATIVE PROJECTION: If price will fail to break the upper boundary line of the triangle and move down beyond the lower boundary line of the triangle you will consider selling opportunities.