This is a long you would be looking for, The price in 1D chart is forming a bullish pennant and in 4H a descending channel. I think this is a goal with great possibility.
The formation of a bullish pennant on the daily chart suggests a next big move for gold. Although he will have to first break that great resistance. In case of failure the price 1600 will be at stake in the medium term.
I have managed to observe that we have a bull flag in formation. It is advisable in these cases to buy the break of this flag. But I consider that I would look for a long at 5400, it seems to me an acceptable risk.
You should also observe the market conditions.
The bullish momentum has disappeared a bit, the rejection of the price in the area of 6.8k-6.9k.
The breakdown of the ascending channel, and the formation of a bearish pennant, suggests to me a bearish continuation.
Return 6.6k we'll probably go higher.
The price doubled in 4H. That last impulse has created a bullish pennant in formation.
Why does it seem like a good idea to enter here? Market conditions can give you the momentum for that new leg.
Despite the bearish structure in the price, I consider that the price can be reversed at any time, looking for the 8.8k, The price has been looking for liquidity point.
