An insider's look at the current markets
We won’t be focusing on the trades within the general upside direction, but rather the recent trades, which are showing that gold prices were able to breach a neckline for a bullish technical model as shown in the picture above.
Following this breach, gold retested the neckline successfully and from that point rose to trade normally, those movements suggest that gold is now heading towards its next target at 1610.00, and this projection is further supported by the 50 MA.
Nevertheless, the momentum indicators are showing clear negativity, and accordingly, gold prices might fluctuate and tend to undergo slight correctional waves every now and then, but overall, we are waiting for gold to move towards the mentioned target before we can talk about any possible rebound and a probable downside correction.
We should note that breaching the $1450.00 level, would push gold prices towards the main support for the upside trend at $1370.00.