The general trend is descendant. The ascending truncated wave structure ended with the breakdown of the inclined channel. The Awesome Oscillator indicator has bearish divergence, and the Stochastic Oscillator sliding indicators have left the overbought zone.
The support level of 1.1564 restrained the sellers. A downward truncated structure was formed, which was completed by the breakdown of the sloping channel. Awesome Oscillator indicates bullish divergence. On the H4 and H1 timeframes, a key reversal pattern was formed.
The "flag" trend continuation pattern is forming. Mirror level 6.40 is restraining the sellers. A bullish divergence forms on the Awesome Oscillator indicator, and the Stochastic Oscillator is signaling oversold.
The support level of 83.44 restrained the sellers. A downward truncated structure was formed, which was completed by the breakdown of the sloping channel. The Awesome Oscillator indicator has bullish divergence. An entry point "on the pullback B" is formed.
Gold prices returned to stability above the 1770.00 resistance after yesterday's correction. Thus, we maintain the bullish scenario, which will likely push the price to retest the 1783.00 resistance level again. But in general, we remain in anticipation for the US data that will be released tomorrow, Friday, which will …