GJ has just broken the 4hr trendline (pink) however has not closed below the 1hr support zone. If the 4hr candle closes below the 1hr zone (green) or closes at 143.100 wait for retest of the 1 hr zone on smaller timeframes before selling.
Gold is testing the dark/black pennant on the outside which it failed. this could be a signal for sell. however if the next two daily closes within the pennant then wait for buy signal. if they close outside the pennant then its a sell for me.
Gold could be forming three black crows on the 4hr, which could be a signal of the dip that is coming before the rise.
Also to note is that it has broken the tl however fails to hold above. as said if gold cannot hold it may fall once more before the huge rise bull trend.
On the 8hr charts however gold has formed three white soldier. until the close of this 8 hr...
Gold has been in a strong downtrend, but be very careful of this level, if gold cannot close beyond the orange pennant there is a high chance of reversal. As seen before when it reached that level it reversed and now hit that level and is slowly making its way up.
It is also testing the resistance line for the descending triangle pattern (purple).
if gold can...
for a bit more clarity on the previous updates. gold has not broken below the pennant support, which gives bulls a high chance of carrying the shiny metal upwards. If breaks and holds below the 1710 level then opportunity to sell until the falling wedge line at around 1680.
Did an earlier analysis of the chart. this area is a pretty good support. hope this gives more to what I posted earlier. the pair is currently testing a support for not only the Linear regression but also the falling wedge. may go higher to retest fib extension 100% line at 1740 before see a drop to the downside.
The 1726 level is the Fibonacci 0.618 level where I believe it will reverse to test the 1740 level (fib retracement 100% level) once it breaks pass the support zone again. Short at the 1740 levels if it falls back into the trend of the falling wedge.
