We can see that the chart has followed the uptrend but has hit 1hr key level and has decided to range and reject the key level.
- downwards trendline
- rejection off the quarter theory
- rejection off the pitchfork
Gold has hit its SR monthly line and rejected off it, also rejected off the trend line going in the downwards direction, also rejected off the quarter theory. Hoping for a big fall in gold!
As we can see we have 4 confirmations for a sell, 2 rejections off both pitchforks , rejection off the quarter theory and also its on a downwards trend underneath the 62 EMA
Looking to go short with Gold, we have the 2 touches on the trend line going downwards and also have a strong push in the downwards direction, we will also look to wait and see if it Breaks through the support line and retests.