The price is approaching the trend line (red) led from level 1565.
Overcoming this line will result in breaking the sequence of higher highs (HH) and higher Lows (HL), which, according to the definition of the trend, will mean a change from an upward to a downward trend.

GOLD, XAU H4 chart
GOLD, XAU – breaking the trend line will break the sequence of Higher Hughs and Higher Lows…

This is a very likely scenario, and today we have witnessed a failed attempt to establish a new top. There is a downward divergence on H4.

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Overcoming the trend line and establishing a lower low than the previous low will be a signal to continue the dips started today. The first supply target may be the nearest support zone in the 1683 $/oz area.

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