Gold is testing the 12-month high of 1998 and is hitting a strong resistance area. A quick retest of the area is unsuccessful and the price closes under the strong level. What to expect in the coming week?
Gold's rise stops at the resistance area of 1985-1995. A false break-up occurs and the price moves in a sideways range that the gold might be stuck in, which is resistance 1981 and support 1935. The three-day retest cannot produce a new peak, so another false-break-down is formed, and the price is likely to have the next target as the local low of 1935 and the fibo level of 0.382 (1931.47).
Since the beginning of the new trading week, I expect a retest of 1981.5 and no possibility of an upside breakout. The correction downward begins and there is a probability of medium-term price decrease to the area of 1925-1930 (strong support zone