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Gold price made a high yesterday around $2,050 and in our latest analysis we warned traders that at least a short-term pull back was justified. Gold is now trading around $2,017 and there is potential for a move lower.
Green line - first upward movement
Gold price has stopped the rise at the 161.8% Fibonacci extension of the first upward move. Technically trend remains bullish. As we mentioned yesterday, price was expected to make a pull back. Today we see this pull back and there is potential even for a move below $2,000. The RSI in the Daily chart has entered overbought levels and is turning lower. The last time this happened, Gold price fell from $1,915 to $1,683. Gold price has 38% Fibonacci retracement at $1,948 and there are increased chances of seeing the pull back reach that level.
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