Gold had an amazing run past 365 days!

Now for the first time in a year, the price construction has changed to a down trend on the 4H timeframe(shown with the beige arrows). It has formed a high, low, lower high followed with a lower low. This indicates that buying pressure is weakened and selling pressure is rising.

Does this mean we wont see a new all time high soon? The answer is no. There is 1 Resistance zone and 1 Support zone. If price wants to continue going up, it needs to break the Resistance zone and flip it into Support for another chance of going to a new all time high.

If price rejects this Resistance zone, there will be an important support zone below. The reason this Support zone is important is because if this holds, the Daily trend will still be up and the price is probably going to test the resistance zone.

If this Support zone breaks, there will be probably a longer time of consolidation before price makes its next big move up or down.

For now, lets watch those 2 Support and Resistance zones closely and see how price reacts when touching those zones.