We are observing the formation of a bullish pennant formation on the daily time frame. A top down analysis allows us to observe the pennant on the Daily, and understand that before price makes its way into a bullish formation, it must respect the horizontal support line. Our buy limit is set at the bottom of the horizontal support as it pertains to the last two lowest wicks in the formation. We should be able to snipe it and follow our take profits as gold rises into the resistance zones.