Currently on the 4-hour chart, the Gold commodity instrument has appeared and formed a Bearish 123 pattern and the Gold price movement is below the WMA (30 Shift 2) so that in the near future Gold has the potential to be suppressed and weaken down to the level of 2832.17. If this level is successfully broken and closes below it, then Gold has the potential to continue its weakening to the level of 2798.82 and if volatility and momentum support it, then 2755.83 will be the next target, but please also note the appearance of Equal High at 2929.44 which indicates that there is a gathering of liquidity at that level so that it becomes a kind of magnet for Gold to strengthen again to that level, so if 2929.44 is successfully broken and closes above it, all previously described setups will become invalid and automatically canceled by themselves.
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