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.