Gold is still sideways for me long-term. It's low in this wedge, which could see it bounce up. But it also has a major support/resistance line to contend with, which could push it into staying on one side or the other.
While I'd look for a breakout to the upside to this descending wedge, I think it's equally likely that price will bounce off my purple breakout line and head down for another leg. We'll have to wait and see.
It's also noteworthy to notice we're now trading below the grey resistance area, so that might add an additional ceiling to bounce off.
XAG Silver has crossed my breakdown trigger fib fan line and rebounded sharply. I'm going to be watching to see if it closes above the breakout line with a downside fake-out, or if it will close below that breakdown line.
I don't know if it will be back to 697.10 a third time, but it could prove to be a good bounce point. I think it would be a gamble to jump in now with it at new highs. There's a risk of some retracement.
I'd say gold is on the move up, because we've crossed a couple good uptrend triggers, but I don't like that we've fallen below my sell trigger. For now, I think we're sideways unless we see a good higher low.
I'll wait until I see it break out of this triangle. Horizontal lines are potential bounces. The lowest horizontal line is a potential spike down to be aware of even if it's just flushing people out and then headed back into the buy zone.
Orange lines are medians and tend to identify the trend. In longer time-frames, the price will criss-cross many times, helping to identify when the trend is over/under sold. Because of this, purple-line breakouts that happen on the close side of the orange line are evaluated as being stronger.