Greetings everybody,
On daily chart we keep watching for B&B "Buy" around K-area and Oversold level. Gold was collapsed due announcing of vaccine here, in Russia. But, situation was difficult in economy, gold start rising even before pandemic, thus, some upside return sooner or later but should happen. Thus, as we have some strong weekly levels as well, we could get B&B on weekly chart later.
The thing that is really worry me is long-term perspective of the gold, as it might happen that we're in Vth upside wave. It means that this is last wave of upside cycle and it has limited upside potential. After that huge collapse should follow as gold will start forming 2nd wave of all time cycle... But this is different story..
On 4H chart, as we've said we have another B&B but in opposite direction. It is start working, showing reaction on resistance area. Here you also could see the potential target of daily B&B - 1978-1993 Fib levels. As we've said - we do not intend to trade it but it's target could provide us entry level:
On 1H chart we see that 3/8 pullback is done and now it is a question, whether we will get downside AB-CD to 5/8 support (as it is suggested by 4H B&B), getting "222" Buy as well, or, market starts upside action immediately from triangle consolidation. Anyway, it probably will be some AB=CD upside pattern that agrees with 5/8 resistance level: