Here is one technical perspective of Gold for the next day.... considering upcoming news events, these movements could be expedited by an intense volume spike tonight.
We are currently in a bit of a consolidation, posing as a equilateral triangle(Identified by the Blue Trendlines), but I secretly think it will play out more like a Bearish Flag pattern, identified on the chart by the "Pink" Dashed Trendline.
And the purple arrows represent a 1 to 1 move from the top of the pattern to the Discount zone of the Current Range.
We have very strong Daily Structure so we will have to watch the discount zone for support or a purge and move to a lower zone.
Good luck, there are some good trades to be had in here. If we get a H4 close above the High, expect Gold to keep moving towards 1305.10, which is the weekly Premium zone.
We are currently in a bit of a consolidation, posing as a equilateral triangle(Identified by the Blue Trendlines), but I secretly think it will play out more like a Bearish Flag pattern, identified on the chart by the "Pink" Dashed Trendline.
And the purple arrows represent a 1 to 1 move from the top of the pattern to the Discount zone of the Current Range.
We have very strong Daily Structure so we will have to watch the discount zone for support or a purge and move to a lower zone.
Good luck, there are some good trades to be had in here. If we get a H4 close above the High, expect Gold to keep moving towards 1305.10, which is the weekly Premium zone.
I will be looking to short from the 1296.50 area but ultimately I believe we will move up to 1305 before we see a temporary reversal and not just a pull back.