Gold 4h and 1h

Gold 4hOn 4h chart we see that gold raised as we suspected :) However there are some resistance on $982 level. I believe the gold will stay inside the channel, but I am not 100% sure i

Gold 1h, scenario 1On 1h chart we have two scenarios. Both of them are related to short term downtrend. Difference is only how the trend lines will be placed.

So we have downtrend channel with the brown lines. Upper boundary is not yet broken, even appears to be. Price will go down. However the blue line from 4h chart is support, so finaly we have a triangle made from blue line as bottom and upper brown line as top.

If price go down, I expect to go no lower than ~ $962.

Then price will go up and eventualy break the triangle (if not happen instantly, will happen second or third time).

After that gold @ $1,000 will be real possibility :-)

Gold 1h, scenario 2Second scenario. I believe here the lines are priced better, because the upper boundary is not broken. The lower boundary is broken but it connects more points now.

The explanations are exactly the same as the first scenario.