Gold (XAUUSD) is rising on the short-term after the July 01 Low, which was accomplished on a Support Zone holding since December 21 2021. On a 2 month horizon, this can be viewed as a Double Bottom on a Descending Triangle pattern. If last week's low breaks, the Support to be targeted is the 1720.50 September 29 Low.
As you see there are numerous Lower Highs trend-lines involved, the price remains below the 1D MA50 (yellow trend-line) since April 22, so it is best to apply a break-out buy strategy above the 1D MA50 and March LH with a short-term target the 1880 Resistance. Anything in between can only be scalped on the hourly/ minute time-frames.
That's a very interesting point of view. I think this scenario is possible for collecting liquidity, it would be very useful. And in the longer term, I'm looking at a price move in the other direction. Thanks for the hard work, mate)