Gold chart idea for the week

Around the beginning of may there was a descending channel being formed on the daily timeframe from its rejection around the 2050 level.

• Last week ahead of the fomc decision we can see a bounce off the 1900 level and a retracement move towards 1930.
  
  
• Wick forming on the 4 hour chart around the 1925 level is proof that the chart has respected structure and is still in a downtrend. Now it is ready to push down past the 1900 level for a further “lower high” of the current trend.
  
  
• Will be looking to close out trade around the 1880 level but of course it could rebound slightly earlier or later than expected. 1900 is an area of concern and we need to see a full break and retest to confirm structure is still valid.
  
  

Going into the week the only information worth mentioning before the fomc meeting is the building permit numbers.

Will continue to remain vigilant as the week unfolds thank you for reading and plz reach out if you have any criticism or questions.