03/21 Gold Update

Lookback

Last week we posted a daily chart of gold price noting the possibility of having a turnaround in hand.

https://www.tradingview.com/chart/XAUUSD/rRokZIzo-Gold-Update/

This Week

While the downtrend is not yet confirmed we are looking at a potential bearish scenario either as part of a leading diagonal (white scenario below) or a regular and more steep 1-5 (blue labels).

Both scenarios assume sideways or uptrend until late March.

XAUUSD, 2hour