Short-term Bearish signal under $ 2,978
A pullback to test previous resistance levels, since support is indicated with a drop below the lowest point of today. The price zone around the earlier High at $ 2,956 is the first price level to pay attention to support. Further on, the recent Swing High and a weekly High is $ 2,930. It can soon be accompanied by the 20-day MA, currently at $ 2,921, because it rises and soon should come together with the $ 2,930 price surface or above it.
Weekly Bullish Signal confirmed
In addition to an outbreak to new record highs this week, gold from an inside week continued pattern of a meeting above the high of last week of $ 2,930. The subsequent bullish performance showed a strong question and bullish momentum. A bearish pullback after reaching a target zone is normal and healthy for the trend as the profit is digested.
It should lead to a bullish setup after a support test. Despite the potential support levels mentioned above, there is a possibility that gold drops to the nearby trendline before the retracement is completed, because it marks a lower trend support area for the advance that started from the December lows.
First higher goal at $ 3,012
Regardless of the potential Bearish indications in the short term, a decisive breakout above the high on Friday of $ 3.005 continues continuous force and the possibility that higher prices can be reached before a withdrawal. There are five potential higher goals from $ 3,012 to $ 3,043. It is difficult to say which the most important price level can be, but the price objective that is derived from the longest pattern is $ 3,033.
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