Gold

There are so many factors that pertain to a possible short entry here that they are too numerous to list so this is a preliminary enquiry to a possible trade. If you have seen this site before you know i rarely draw local time frame forks but this one below ( seen here with two different reaction/median line templates) seems important and is 'in play'. I am drawn to the confuence of the reaction line and blue UMLP which run almost parallel. We know the RL works because it is partly responsible for the formation of the pivot and a series of LL's that followed which i have annotated with 'ticks'. The upsloping RL form this blue d/dloping fork has 'caught' price and is carrying it higher but we have a horizontal bisecting ML ( also blue) which will/may support price...see lower 5 min chart. Anew upsloping fork drawn off this morning low pivot gives us a target of 1666 or higher and the CL can be seen only in the 5 min chart. There are numerous other RL's but i am trying to keep this chart simple (!)



As the afternoon wares on I will update this assesment. In the meantime a break below 1648 with a 30 min candle would indicate coming weakness. A break uptowards the target blue UMLP needs to be very carefully watched viz a viz price action/ bar composition/bar count etc. The we will pull on the indicator template and see what we are being told about this minor trend up.