GOLD in the middle of the range, do bulls win or bears to $1420

Gold has been an interesting asset over the past few weeks, and one thing is for sure a long term down channel is forming, however, how will we get to $1420 no one knows.
Currently, we were a little more on the short side based on the number of dojis that formed around $1475-78, but it was evident we would be encountered with the support at $1445 from the long extended wick. We are now near that territory and gold bounced off the $1450 level and formed a bullish candle. Is this the start of the double bottom?

There are 2 possibilities:

1. Price bounces higher and forms a new monthly high into $1480, the year to date volume profile is holding support structure at the current level from $1445-1450.

2. $1445 breaks to the downside, into $1435 to form a new structure low, retest broken structure and continue to the downside. This will require a lot of volume to break through the support level.

Komen:

Disclaimer: This trade idea is for educational purposes exclusively, this does not constitute investment or trading advice. TRADEPRO Academy is not responsible for any market activity.