Gold: Possible Pullback from Support Zone

This is a market review for a short term movement. We use the 1H chart, where we can see a possible reversal. The price reached the support zone formed by SMA100 and 1558.00 support level. This zone can stop and push the price a little bit higher. The max level we should expect is the previous high at 1612.00 level.

If you like high-risk trades, it is possible to buy with stop below 1558.00 and the local swing low. But also don 't be surprised if the market drops below 1558.00 and continue the falling.

The higher timeframes give us bearish signals. Yes, the market is in the bullish trend, and it can be supported by news. But from the Technical Analysis point of view, it is the time for a correction movement.