Simple Gold Market Structure Analysis - No IndicatorsGoldOANDA:XAUUSDPrinciplesofmathprobThe current outlook shows Gold has been moving up, but it’s starting to show the first signs of exhaustion in the upward move. Previously, every time the market opened on Sunday with a gap down, it showed continuation strength and proceeded to make new highs. However, the last time it opened with a gap down, it failed to make a new high and began to drop. If Pivot 0 is taken out to the downside, the Highest High remaining in between becomes a significant high that marks the start of a meaningful downward expansion. On the other hand, if Pivot 0 holds and the market starts making new highs -even if they are internal for now, such as taking out Pivot 7 to the upside- then the upward trend might have a chance to resume. In short, the price is currently caught between Pivot 0 and Pivot 7. Depending on the direction of the next move, it will confirm whether the upward trend remains intact (suggesting the current formation is just a pullback) or if a break below Pivot 0 means the market is clearly expanding downward. In that case, Pivot 3 becomes a key level, the origin of a new expansion to the downside.