Consolidation or pullback can be the following
Moreover, the next potential resistance level at the graph is $ 2,940. That leaves a bit of an opening above the price level of $ 2,889 to the next goal. Gold will be in a better position to fill that gap and make a run for the next higher target price as soon as there is a rest of any extent, or take the form of a deeper withdrawal or consolidation. Gold has had a strong run with no less than $ 300 or 11.6% since completing a swing low at $ 2,582 (C) in December.
Based on relative performance, that is the strongest revival of the previous eight and reflects a strong underlying momentum. But it also indicates that at least a temporary high has been reached for the time being. The full Upswing, starting from November Swing Low for $ 2,537 (A), had a profit of no less than $ 345 or 13.6%.
Further weakness indicated under $ 2,834
A drop below the low point of today $ 2,834 will indicate a further weakness and increase the chance of a deeper withdrawal. The recent breakout level and earlier trend high at 2,790 are a potential support area and have a good chance of being tested, at least if a withdrawal is deeper. If support is tested around that price level and it is followed by a bullish reversal, it will be a sign and end the correction if it comes.
Look for a look in all the economic events of today Economic calendar.