Gold, correction or continuation?

21 Feb 2023Yesterday, US markets were closed, and, as expected, Gold was trading in a tight range, slightly above 1840 with a high at 1848.
The overall medium-term trade remains bearish and, as I said in my yesterday's post, the 1850-1855 zone is the line in the sand for bears.
However, at this moment, the price is above 1830 short-term support, and also Friday's close is a Pin Bar and a short-term correction could follow.
So, for short-term trading, I work with 2 scenarios at this moment

1. A rejection of the 1830 zone and back above 1845 again would put the Pin Bar in play and could lead to a more meaningful correction
2. A drop under 1830 would confirm the 1850 zone as a strong ceiling and expose 1800