There are major price levels in the Tuesday price range
Gold fell to a low of $2,999 on Friday, following a new record high of $3,058 last Thursday. That remains the low bearish pullbacks of the past, but not that much. Nearly the record high for gold is the 200% expanded retracement of the bear correction in late October at $3,043. It appears that there are two basic scenarios currently being developed with Gold.
Bull tendencies continue towards higher targets or bear corrections. Today's higher daily highs and higher lows showed short-term strength following a very slight decline. However, a bearish reversal interface at 61.8% retracement and subsequent decline suggest that the pullback may continue.
The target exceeding $3,058 is $3,080
The strength is shown to be above today's $3,036 high, but gold should be $3,047 above last Friday's high before a deeper pullback and showing that gold could be a top challenge recently. Then, if gold can surpass record highs, there should be a chance to approach the next high target, around $3,080. Additionally, there are top trending channel lines (green highlights) that could show resistance slightly above the higher price target.
38.2% Fibonacci Retracement and 20-day MA Support
On the downside, drops below Tuesday's $3,007 low show a deeper pullback while being shown at weekly lows at $2,999 with drops below Friday's low. The initial downside targets include a 38.2% Fibonacci retracement of $2,972 and a previous trend of $2,956. Note that the 20-day MA has converged with its previous highs and that continues to rise. The 20-day line is $2,955 and also offers important short-term pullback targets.
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