What Is Gold Doing Right Now? Are There Any Potential Setups?

Hi Traders,

Today we are having a quick look at Gold on the 4-hour chart.

We can see that price peaked into a previous daily resistance line at 1880 that was created towards the end of last year. Volume on the daily chart exploded as we tried to break that zone. However, we did not quite do it as yet. Price came back down with just as much volume.

I am monitoring these zones and I am wondering if the price is going to attempt to push past the 1880 price point again. If it tries and gets rejected then I will be looking at a potential Double-top to form and I will be looking for short entries.

However, as it stands right now, we are in nomads land and there are no potential setups I see in this time frame. Patience is a virtue and we need to let the charts play out before we decide to jump into anything.
As always, I will be monitoring this, and should anything begin to form, I will let you all know.

Have a fantastic day.

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