Gold is usually Range Bound. I noticed that every time it increased by >5 USD in <1 Hour, it always goes back to its starting point before the said amount and it can even exaggerate the move moving downwards. If you plan to go Long, then I will see first how Gold will react to the 20 Daily SMA. Meaning: 1. Will it act as Dynamic Support of the Uptrend? 2. Will it wait for the 10 Daily SMA [measure of mid momentum] until they merged together to continue the trend going Up? 3. Will those 2 moving average incline going down to the 50 Daily SMA as target?
If I plot the 50 Daily SMA, it is still in a Flat line which informs me that the trend is still UP but on a sideways movement bias. Maybe Gold is overstretched in a way that it moved too fast from 1480+ level to 1600+ with 10 consecutive Green candles on Daily Chart and NO RED Candles . Will wait and see.
For now, find opportunities going Long or Short on a range bound market on a lower time frame.
For me, break 1536 level [as 20 Daily SMA is 1540] with a piercing Red Candle then around 1500 will be the possible target where the medium term moving averages are - 50 and 100 SMA Daily and can even exaggerate a bit by falling around 1490.