When we look at the overall action in the gold, you're sort of trading in the center of this correction phase. On the swing line, you've got a higher high and lower low pattern.
Any escalation of the Ukraine-Russia conflict to near nuclear conflict with the USA will result in spot gold rising to $4000 very quickly, with an outside chance of $5000.
On a monthly basis, it was an all-time high close, end of discussion. The pattern on a weekly chart is one of lower highs and a lower low, so you're still in a bit of a downtrend.
