GOLD buying setup in multi time frame (22nd May, 2022)

Attached is the chart of GOLD, weekly (top), daily (middle), 4 hrs (lower, for entry),

RATIONALE :-

1. weekly (long term view) is in uptrend just hit the support on weekly trend line near 1780-1790.

2. Daily (medium term) has many setups that has been the driver of prices. Firstly it has been working inside falling wedge (black lines). The broadening pattern (violate lines) met the confluence of resistances of falling wedge & broadening (upper circle) & prices fall heavily after that until the support of main falling wedge (black lines) & the inside falling wedge (blue lines) & they both met with the long term weekly support (thick black line) & the area has marked the triple confluence(lower circle) forming the strong support for now.

3. 4 hourly chart is to confirm the buy entry. Look at the hand sign showing the support on 4hr trend line for entry.

PLAN :-

Buy the gold near 1823-1827 for the target of 1927 & 1974. More conservative traders should enter near 1800-1810.