Gold has been enjoying an uptrend recently. Precious metal jumped from $1,680 at the end of March to $1,890 yesterday, thanks to US dollar weakness. Taking a look at GOLD at D1 interval from a technical point of view, we can see that the price has reached a key resistance - $1,873.50 area marked with the upper limit of the Overbalance structure and previous price reactions. The Doji candlestick pattern was painted yesterday, hinting at the indecisiveness of investors. Having said that, shape of today's daily candlestick may be a hint for upcoming moves. Should we see a break above the Overbalance structure, upward move may extend towards $1,915 area. On the other hand, should bears regain control, gold may resume a downward move launched in August 2020. The nearest short-term support to watch can is marked with a local market geometry at $1,853.80.
Source: xStation5
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