Gold is forming its descending channel. The main price target is the golden Fibonacci zone and the weekly trend line that the price has reacted to since 2020. In the weekly and monthly time frame, the flag pattern is being completed to grow from its roof to the size of the flagpole after breaking through.
Comment:
When the reversal of the market trend is not yet confirmed, an aggressive move towards the SR zone against the trend will be scary for the trader and the trader will be afraid to open a position in that zone. The market knows that you are about to enter a trade in the SR area to buy or sell and does not want you to participate in this trade and collect liquidity. Naturally, you enter the trade more easily in a slow and erosive movement towards the SR zone. For a long time, most candlestick patterns are unreliable and manipulated. Identifying long-term SR areas can help you better. The reversal of gold's downward trend will not be confirmed until the 4-hour candlestick above 1890 is confirmed. Good luck.
Comment:
A dear friend @dodysenjaya80 asked me in the comments why I believe the price of gold should still decrease? I wrote my mental illusions under his comment, please read it if you wish. Thank
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