As we can see from this chart, the recent bearish actions for Gold found solid support at 38.2% Fibonacci level for the bullish wave measured from 1179.00 to 1392.00, this correctional level is located at 1310.00, and might have the power to push the price to regain the main bullish trend.
On the other hand, a clear Head and Shoulders' pattern was completed yesterday by breaking its neckline at 1320.00, this pattern has full targets that reach near 1250.00, which means more correctional actions to come.
EMA50 negative pressure contradicts with Stochastic positivity, thus, the trend keys are 1320.00 resistance and 1310.00 support, surpassing one of them will provide the key to the next destination .
Above 1320.00 will push the resume the main bullish trend,
Below 1310.00 will lead for more correctional moves towards 1285.00 followed by 1250.00
On the other hand, a clear Head and Shoulders' pattern was completed yesterday by breaking its neckline at 1320.00, this pattern has full targets that reach near 1250.00, which means more correctional actions to come.
EMA50 negative pressure contradicts with Stochastic positivity, thus, the trend keys are 1320.00 resistance and 1310.00 support, surpassing one of them will provide the key to the next destination .
Above 1320.00 will push the resume the main bullish trend,
Below 1310.00 will lead for more correctional moves towards 1285.00 followed by 1250.00