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Gold has decreased a little after the recent amazing rally, but you should know that the uptrend is still intact, despite the minor drop. It is trading at $1,801 level, the retreat could represent only a $1,800 level retest before the price jumps higher.
Another reason behind the gold price decrease is that USD managed to rebound in yesterday's session. I said in the last article that the outlook for the yellow metal is bullish, but it could drop a little to retest the broken $1,800 obstacle in the short term.
Gold has found resistance at $1,817 level and now has come back to test and retest the $1,800 level and the inside sliding line (sl) of the orange ascending pitchfork. As you already know from my previous analysis, the outlook remains bullish and the gold price is expected to climb higher as long as it is trading above the median line (ml) and above the sliding line (sl).
A false breakdown with great separation below the $1,800 level will suggest buying again with a first potential target at the $1,817 high, the next major target is seen at the upper median line (uml).
The rejection from the $1,800 level could signal another bullish momentum, so a false breakdown with great separation followed by a strong bullish candle o the H4 could bring a buying opportunity. The $1,817 could be used as a first target, while the R3 ($1,821) and the upper median line (uml) could represent potential targets as well in the short term.
Another higher high will really confirm that the gold price will resume the upside movement in the upcoming period. Only a major reversal pattern here around the $1,800 level could announce a potential correction.
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