Gold has had quite exciting trend these past days, being bearish since June 07. But are Bull's waking up or are we looking at a future downtrend on price?
On the chart below we see that prices are already oversold, which can lead to a possible bullish trend. Gold prices have been moving under a perfect bullish channel since Jan 2017 respecting top & bottom lines. Right now it's positioned at a bottom channel which could lead to a possible bullish trend. However there's also another possible scenario, shown on green trendlines as there has been a clear support trend since Jan 17, followed by a double top reversal, and therefore we may need to wait until price drops to 1224 to confirm scenario.
Since Housing Data is set up to release at 10:00am EST, this would be enough to determine wherever channel or double reversal scenarios are considered. It's highly suggested to enter bullish over 1246 to guarantee the bullish trend. If price drops lower than 1224, it's highly probable that bull's are going to sleep for a while.