Gold is on a short term pull back on the 4H chart (RSI = 47.725, MACD = -1.250, ADX = 29.908) following the new All Time Highs on U.S. stocks and the short term rebound on the bond market. The US Dollar remains strong but a short term pull back is helping Gold to contain a bigger decline.
Technically we have found similarities of the current sequence with the pattern during of mid to late January. As you see on the chart both the RSI patterns as well as the actual candles are identical. In January once the price crossed below the 4H MA50, it found support within the 0.500 - 0.618 Fibonacci. We are currently close to that level and with the MA200 right below, treat this as a good medium term long opportunity. Our Target is the 1,595.50 Soft Resistance.