Gold is still moving in a downtrend channel overall, new lower highs are being created, but what's interesting is this last touch. On the 4H chart we can see clearly that a H&S pattern has formed and if we scale down to the smaller time frame we can see that more lower highs are being made in the right shoulder, the moment price breaks structure, pullbacks and creates a nice entry signal we can enter. The drop could see some pressure on the untested demand zone and if it breaks it we can see a lot of liquidity there and a possible drop to for a new lower low.