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Gold has reached another low today at $1,621 after it has failed to stay higher and to resume the upside movement. The current drop was somehow expected as the price has developed a Shooting Start on the Daily chart, this pattern was confirmed by a major bearish candle. So, the yellow metal could register an important corrective phase on the short term.
You should know that Gold maintains a bullish outlook despite a minor correction. A retreat will give a chance to go long again on this safe haven instrument. The global risk could send the price higher anytime, that's why you should use this correction as an opportunity.
As you can see on the H4 chart, Gold has tried to come back higher, but it has failed to approach and retest the upper median line (UML) of the major descending pitchfork, signaling bearish pressure.
The price is putting pressure the support area between $1,632 level and the 23.6% retracement level. A valid breakdown below this area will signal a drop towards the $1,600 psychological level in the upcoming days.
We may have a short opportunity if the price stabilizes and males a valid breakdown below $1,632 and below the 23.6% retracement level. The first downside target will be represented by the $1,600 psychological level. The 38.2% is seen as a static support as well.
The potential downside movement could be invalidated only if the price fails to stay below the mentioned support area, if Gold registers a false breakdown with a great separation or if we see a bullish engulfing pattern in this support area. However, a further increase towards fresh new highs will be confirmed only above $1,660 previous highs. So, the bias is bearish right now on the short term.
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