Gold has two demand zones, daily and weekly. There will be a chance of a rebound here, since the top is likely to be the weekly correction trend line, it is very likely to rebound in the weekly demand zone. There is a possibility of a steep rise after a steep decline, and a possibility of a steep rise after a gradual decline. After the rebound here, gold will need to rise above the central blue support line for an uptrend to follow. Otherwise, it will act as a resistance and test the floor when it comes back down into the weekly demand zone. Not only gold, but also silver and platinum are the same pattern, so please take a look at them together.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.