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 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 long or break of the current trendline to go short. For now, I am biased with a bullish move.
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 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 long or break of the current trendline to go short. For now, I am biased with a bullish move.
Comment:
Waiting for a retest of the support zone (which has now become a resistance) before considering going short on this one.