GOLD quotes have been moving in an upward trend for quite some time. Looking at the D1 interval, the price has established new maximums this week. However, the upward movement stopped at the outer factor of 161.8% of one of the last major corrections, and the level of $2524.5 should be regarded as short-term resistance. If a downward correction is generated, the $2472.5 level, which stems from previous local tops, should be taken as the first support. Should the downward movement be prolonged, the levels of $2431 and and $2348 should be taken as the next support, respectively.
GOLD interval D1. Source: xStation5
Going down to a lower time interval - H1, we observe an upward trend. As short-term support, consider the $2492 level, which is derived from the lower limit of the 1:1 system and the 23.6% ratio of the last upward wave. Should this level be negated, the horizontal zone at $2473, stemming from earlier local tops, should be considered as the next support. Only a descent of the price below the aforementioned zone could lead to a change in short-term sentiment to a downtrend.
GOLD interval H1. Source: xStation5
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