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Gold has been trading sideways according to the H1 chart. A drop below $1,575 could signal a potential correction in the short term. The price has developed a symmetrical triangle after the failure to stabilize above the upper median line (UML) of the major descending pitchfork.
You should know that the outlook on Gold remains bullish even if we see a minor corrective movement. The price has broken the pattern's support, but you should be careful because a false breakdown will send the Gold price towards new highs.
So, I believe that only a valid breakdown below $1,575 could signal a drop in the short term. If the quote stays below the upper median line (UML), Glld may go through a correction with a potential target at the median line (ml) of the minor descending pitchfork.
Trading Recommendations
A valid breakdown below the $1,575 level could give us a great chance to go short with a potential target at the median line (ml), near $1,565, but only if the price stabilizes below the upper median line (UML). You should remember that we could have only a minor decrease, this could bring a long opportunity.
Technically, the outlook is bullish right now, so a false breakdown of the symmetrical triangle will signal a valid breakout and a further rally. However, if you want to go long on Gold, maybe you should wait for a valid breakout above $1,586 and above the upper median line (uml) of the minor descending pitchfork. The upside target remains at the $1,600 psychological level, or higher at $1,611.
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