In our previous analysis, The bullish movement was expected as per the trend, The prices move exactly according to the analysis and made a high around 1301, however, we were expecting a high around 1281-83. The price moves little higher than our predictions.

The trend is still bullish but we may see a small correction before a new high. I am sharing a weekly technical analysis to give my thoughts about the possible next movement.

Weekly Technical Analysis

A couple of reversal candles and a weekly closing indicating a bearish move and it may be a start of correction towards minimum 1261 and 1245 as an extension.

Movement below 1279 may confirm this move.

The price could move for a new higher after this correction and we will look for the bullish entry from 1245 level. The confirmation of bounce may b discuss once the price hit our expected target level.

Please have a look at the weekly technical gold chart below, I have drawn a possible next movement diagram with target levels on it.

Weekly Gold Technical Chart 

Support & Resistance

Support 1 : 1279

Support 2 : 1261

Support 3 : 1245-51

Resistance 1 : 1301

Resistance 2 : 1323

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Wish you good luck and happy trading with Gold Technical Analysis