Forecast: As can be seen from the chart, we can notice a fake breakout attempt above 1523 level. Other than that, the market moves inside of the Parallel Channel. Short-term bearish movement expected.
Trade plan:
1. Wait for the 1h candle close below the previous candle or inside the Parallel Channel. 2. Wait for the bearish confirmation candle. 3. Short.
Remember it's only for "short term". Key points are risk management and confirmations.
Disclaimer: Trade at your own risk. I'm sharing my ideas and not giving trading advice. Always plan your trade and trade your plan.
Agree, the recent news on bond yield curve inversion and trade tension caused fear and an oversold market. But market should recover as people start to become more rationalized to see the economy is not so bad yet. The gold market may reverse for a bit, but I don't expect a whole lot, it could retest the 1490-1485 range, but September Fed rate cut bet can change things again by then. Overall sentiment still poor the economy outlook which is bullish for gold.