<\/p>\n\n\n\n For better confirmation, you can wait for another weekly close lower (or not above the midpoint of this week\u2019s candle). This would create a fair value gap, where traders can potentially look for a short opportunity.<\/p>\n\n\n\n <\/p>\n\n\n\n No, this does not necessarily mean gold\u2019s uptrend will end. This just means Gold is finally exhausted after such an extended rally.<\/p>\n\n\n\n <\/p>\n\n\n\n For context, this recent drop in Gold is a reflection of the markets\u2019 recent shift to a risk-on appetite<\/em><\/strong>; much thanks to the positive earning reports of Mag 7 companies. <\/p>\n\n\n\n <\/p>\n\n\n\n As long as Gold stays above the weekly trendline<\/strong> from March 2024, Gold remains a bullish asset.<\/p>\n\n\n\n <\/p>\n\n\n\n If gold manages to close below the midpoint of the first candle, then it will confirm the evening star pattern.<\/p>\n\n\n\n <\/p>\n\n\n\n As it is currently, Gold is likely to close a Grade C evening star<\/strong> (the weakest type of evening star pattern) on the weekly timeframe.<\/p>\n\n\n\n <\/p>\n\n\n\n If it does, we can switch our bias to bearish, and keep a close eye on the 50% and 61.8%<\/strong> Fibonacci retracement levels<\/strong><\/a> at $3,018.50 and $2,904.85 approximately.<\/p>\n\n\n\n <\/p>\n\n\n\n Both levels align closely with the trendline and may act as support zones. Watch for bullish rejection signals here, or a brief break below followed by a swift recovery above the trendline \u2014 either scenario could justify flipping back to a bullish bias.<\/p>\n\n\n\n You may also be interested in:<\/strong><\/p>\n\n\n\n![\"\"](\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2025\/05\/COTD-25.05.02-1.jpg\")
<\/figure>\n\n\n\nIs this the end of the bullish trend for Gold?<\/h2>\n\n\n\n
Closing Thoughts<\/h2>\n\n\n\n
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