Below is the weekly spot gold chart and the price has stopped at a key level. The red line in the middle of the chart is in the middle of the consolidation area after the high from September 2011. The support area also confluences with the purple upward sloping trendline that originates at the August 2018 low.
If the price does move higher then the green resistance zone could be prominent as it was back in 2011. The price bounced and came off at that point in time in three occasions and this time around it happened again. Then it would be back to the next resistance which was the 2011 all-time high at $1920.94/oz.
Although on the daily chart the price is pretty bearish, on the weekly timeframe this move still looks like a retracement. Any dip below the red support zone could spell trouble as the next major support is some way down at $1527.24/oz.
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