Gold has been in a downtrend since 4th May 2023. and it has been respecting the blue trend line since then on its way to the support of the ascending channel it has been trading in since 31st October 2022. A reversal is possible here since this support is in confluence with 1D MA 100 (Blue up arrow). Since a demand zone in confluence with 21st Nov 2022 higher lows trend line is in proximity to this area, a fakeout into this demand zone for liquidity is likely. We can look for buy setup around these areas after a breach of the blue trendline.
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