GOLD Daily, H4, H1 Forecasts, Technical Analysis & Trading IdeasDaily Timeframe:
TVC:GOLD has been rising rapidly recently but has almost stopped since February 11, when it hit its uptrend channel line.
With the RSI hitting resistance at 77 and showing signs of falling, there is a high probability that a corrective wave is about to begin.
Four-hour Timeframe:
A rising wedge pattern has formed in the price.
As long as the price does not break the resistance at 2955 and the red line of the rising wedge continues upwards, a downward wave is expected to begin.
A strong bearish divergence has also formed in the RSI.
One-hour Timeframe:
A head and shoulders pattern is forming.
If the price can break the neckline downward and the blue trend line of the rising wedge is also broken, the probability of a downward wave will be very high.