Gold Buy Opportunity

The price reached the donwtrend line and we see an attempt to break it. The price moved above the downtrend line and the cloud but could not stay above. We got a new price reversal with further downward movement. It can be a short term falling or the price will try to reach the daily uptrend line, we'll see. But the swing high which we got after such price movements, it can be used as possible entry level.
Based on the daily time frame we have the price which is not far from the strong uptrend line. We should be ready to see the breakout above the donwtrend line in lower timeframes. We can place the pending orders for buy above 1308.00 level with stop at 1280.00 level. Profit targets should be 1325.00 amd 1355.00 resistance levels.

Comment:

The price moved below the cloud and it gave us a sell signal. But the market is not far from the daily uptrend line. Opening short positions not far from support lines, it's not a good idea. We have to wait further signals from the market and trade based on them.