Gold made a false breakout above the first warning line (WL1) of the ascending pitchfork and now could drop again. Price failed to close right on the WL, signaling that the bears could take control again. It could come down to test and retest the long term 38.2% retracement level. I want to remind you that only a drop below the sliding parallel line (SL) will confirm a larger drop in the upcoming weeks.
