It is a Major Trend Reversal Set-up (MTR),
We didn't see any pause in trend in last 50-60 bars even more like. There is a break of trendline which means bull trend is weakening and is transitioning into broader channel.
You see the lower high formation marked by failing of bulls to break it (Double Top), Presently, a huge outside bear bar followed by 2 bear dojis is not enough for bulls to buy for Higher Low (HL) Wedge. It will need second leg down (High 2 Buy Entry) for bulls to enter.
There are 40% chance of another Bear Leg down till 1734 and may be bear trend. 60% chance of trend resumption but obviously not Bull trend but only a bull leg in broader Trading Range.
Even if you look at the chart with bare eyes, you would find bear bars closing on their lows and bigger than bull bars. That is what gives your information about price action
In short, I will not look to buy Gold right now.
We didn't see any pause in trend in last 50-60 bars even more like. There is a break of trendline which means bull trend is weakening and is transitioning into broader channel.
You see the lower high formation marked by failing of bulls to break it (Double Top), Presently, a huge outside bear bar followed by 2 bear dojis is not enough for bulls to buy for Higher Low (HL) Wedge. It will need second leg down (High 2 Buy Entry) for bulls to enter.
There are 40% chance of another Bear Leg down till 1734 and may be bear trend. 60% chance of trend resumption but obviously not Bull trend but only a bull leg in broader Trading Range.
Even if you look at the chart with bare eyes, you would find bear bars closing on their lows and bigger than bull bars. That is what gives your information about price action
In short, I will not look to buy Gold right now.
