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Gold has plunged in yesterday's session and it has erased some of the latest gains, but the price has managed to come back higher today. What we have to do is see what will really happen to the yellow metal because the price has developed a Pin Bar (Shooting Star) on Monday. Yesterday's massive drop could represent a confirmation that the price may have entered a corrective phase.
RSI indicator shows a bearish divergence on the Daily chart, but I believe that we still have to wait for a confirmation before we consider going short on Gold. The global risk has sent the price way above the $1,600 psychological level, but we cannot exclude a corrective phase despite the risk aversion. The USD's drop versus EUR, CHF and JPY could attract more sellers on Gold.
Gold is trading at $1,651.29 level, it has increased aggressively today, but this could be only a temporary increase before the price will drop towards $1,600. The Bearish Divergence, the Shooting Star, and the closed Gap Up are the first signals that we may have a correction phase on Gold.
Personally, I've drawn a descending pitchfork (orange) hoping that I'll catch a downside movement, I would like the price to come back to retest the upper median line (UML) or to register a false breakout above it before it will drop.
I believe that a valid breakdown below $1,633 level will open the door for a further drop on the short term, the first target is seen at the $1,600 psychological level. Only a valid breakdown below this static support will confirm a broader corrective phase. A failure to reach and retest the upper median line (UML) could signal selling pressure as well.
It's hard to believe that we'll have a major drop on Gold, but technically, if the price confirms the descending pitchfork with a false breakout above the UML, the median line (ML) will represent the first major downside target. The potential drop could be invalidated by a valid breakout above the UML in the upcoming days.
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