Obviously, the weekly structure worked very well and we can see price rebounded yesterday leaving no pullback entry opportunity on smaller timeframes, say 60m.
In my opinion, it is just a rebound, and gold is likely to meet strong selling pressure around 1744-1757 where it's confluence with MAs, daily downtrend line and weekly flip zone.
My trade plan is as below:
1. bullish long setup: pull-back long around key zones, e.g. 1705-1707, however, the key zones change dynamically. We ride on the short-term long momentum wave until it hit key trouble zones(1744-1757)
2. bearish short setup: if price moves up with no pullback, we look for bearish short setup around key trouble zones(1744-1757)
My mid-term view is bearish for gold unless it goes sideways for 20-30 days. Because that will make my three MAs assemble and create possible long opportunities on daily.