This long term trendline has been broken and could indicate a change in sentiment. A strong rally in the DXY could see us pushing to much lower levels.
This area was tested multiple times all the way in 2011 and now three times from 2020-2023. However on each subsequent pullback, gold has respected the upward trendline with multiple touches. Perhaps short in the medium term but bullish in the long term.
Structure looks to be breaking down with a classic head and shoulders formation on the daily time freames. could this be the top? I am new to comenting and would appreciate any comments or ideas from more experienced traders. Cheers