Gold, which saw its peak (ATH) value in March 2022, tries to rise again in April after correcting (profit sales) but the price could not exceed its former peak (first LH zone), giving the first sign of weakening of the uptrend.
Subsequently, the market breakdown that occurred at the beginning of May (Market cycle change MSB ) ends the uptrend and replaces it with a downtrend, then the price continues the major main downtrend by forming new lows with minor corrections and creates a parallel range zone. If the price hangs a little lower at the midpoint of the range region, it may approach the lower regions.
An upside market breakout in a minor short-term downtrend, where I’ve outlined wave structures with the orange multi-line tool ( MSB ) does not occur, I do not open long transactions outside the scalp.
NOTE: Opening a trade without knowing the direction of the breakdown before the formation is clearly formed carries a high risk. The chart has been analyzed according to technical data and does not include fundamental analysis and trading advice.