Gold prices started Monday's session with declines, but the entire downward movement was erased, resulting in a pinbar candlestick pattern forming on the D1 interval. Looking at the chart from a broad perspective, the upward trend is still in place. However, in the shorter term, we are seeing consolidation (area marked with a yellow circle). According to the classic assumptions of technical analysis, an upward breakout seems more likely, but for this to happen, the price would have to break above the red zone at $3423. On the other hand, if the correction deepens, the zone marked in green at $3245 should be treated as the nearest support.
GOLD D1 interval. Source: xStation5
