GOLD Daily, H4, H1 Forecasts, Technical Analysis & Trading Ideas

Daily Timeframe:

• 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.