Gold Forecast

Here, we have gold in a descending channel where price is currently testing a 61.8 level which is confluent with the upper trend line. I’ll be looking for dollar strength in the market to coincide with gold weakness over the coming week. If the recent higher low visible on the 4H chart is broken to the downside I will be looking for a suitable pullback to enter lower time frame shorts. Alternatively, if the dollar remains weak, I will look for the resistance around 1900 to be broken for longs.