Gold experienced a drop in value yesterday, breaking a three-day streak of price increases. Nonetheless, the drop was relatively minor as indicated by the narrow range of the daily bar (D1), suggesting that the downward pressure was not substantial. The D1 bar from yesterday still closed above the upper boundary, indicating that the market remains overbought and leaving room for the possibility of further downward corrections. The overall structure of the Gold D1 chart remains bullish.
On the H1 chart, gold traded in a sideways fashion near the $2,000 price level yesterday. A bullish price pattern emerged, and for the price to gain momentum and break above the key $2,000 mark once more, it will require a catalyst, possibly surpassing the recent peak at $2. A potential buying opportunity could arise after such a breakthrough, with an eye on waiting for a retest of this level.