Price is in downward channel. There might be a temporary reveral from green trendline. Unless upperbound of the channel is invalidated, we can expect green trend line to be eventually broken and possible death cross.
Disclaimer: This is not a trading advice, please do your own analysis.
1825-1827 looks like a key level. It is both Fib50 of 1903 fall and Fib38 of 1678 rise. If price goes above this level, we will be in a bull market again. However if price goes below 1797 level one more time I expect a strong bear market, it will be a free fall to 1740 then to somewhere between 1720-1724.
Disclaimer: This is not a trading advice, please do your...
So, I had to revisit my old drawings. Gold is currently trading at around 1770 which is Fib23 of Aug 2020 fall.
If you like risk and wanna live on the edges, 1770-1775 interval is a good entry point.
Second option is upperbound of descending channel of Aug 2020, currently at 1745.8
Third option is support line from Mar 2020, currently at 1725.6
If you are smart...
Gold hits 1845 4h support and goes up to 1870 daily resistance and currently trading at around 1865 4h support/resistance.
I see three possible scenarios here:
1) Goes up 1877 and will be rejected to 1845-1850 again, if 1845 breaks goes down to first 1813 then 1798
2) Goes up 1891 and will be rejected to 1845-1850 again, if 1845 breaks goes down to first 1813...
Trend is clear. All yellow lines are parellels. Low risk high return oppurtunity in my opininon. If trade fails, I am gonna look for buy position opportunity at 1865, if 1865 doesnt hold, it is the end of gold we go to at least 1798.
Disclaimer: This is not a trading advice, Please do your own analysis.