Gold is cloesly trading at its previous low. For now we still expect a final push in the 1980s region, where a sharp change in trend should happen. The turnaround zone is indicated by the yellow box. In case the bears are highly motivated and manage to break below $1916, the downward move could accelerate. Next stop would be the $1810 region, so shorts under $1916 might be a good idea.
What are your thoughts on our scenario? Happy to discuss!
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Prices above $1987 are not welcome! We still need to break the support at $1916 to continue the journey. In case the bears won't make it and price is pushed back up above $1987, chances of our alternative scenario increase.
This is a great analysis, I have great confidence it will short on the area you highlighted as potential turn around zone, will look for setups in lower times frames for a potential sell once it reaches.
Based on Stochastic RSI daily reading, your scenario appears to be the high probability outcome: quick rise in the near term, followed by a strong down trend to around $1750. Good work!