FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
As you can see, there is a cone forming on the gold chart. I have drawn the trendlines and set the major support and resistance level on 4hr timeframe as it is a stronger analysis. If you are looking to scalp gold, wait for prices to break through the cone first. Once at least an 1hr candle closes outside the cone, you can possibly look to enter a buy or sell at support or resistance level to secure 10-30 pips.
Comment:
If the prices break through upward, you can enter to sell when it is testing the 1498.60 resistance level.
If the prices break through downward, you can enter to buy when it is testing the 1484.50 support level.
You can additionally buy or sell after your first trade if the prices go back to test the trendline based on your risk appetite.
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