Gold prices rallied through $1,998 on Wednesday, almost reaching the projected $2,000 mark. The yellow metal has since reversed sharply through $1,943 mark intraday low at the time of writing. If the immediate downswing is complete, prices could produce a rally through $1,957 mark before reversing lower again.
Gold prices had earlier dropped from $2,070 highs through $1,890 lows, carving a larger degree downswing. The same has been retraced in a corrective wave and prices tested $1,998 before turning lower. Please note that bulls almost tested the Fibonacci 0.618 retracement of the above downswing. It is quite possible that a meaningful top is in place around $1,998.
On the flip side, if Gold prices resume rally from current levels, it might push through $2,000-10 levels before finding resistance again. Also note that there is a Fibonacci convergence seen through $2,030 levels as seen on the 4H chart. Probability remains for a push through that mark if pries break above the $2,000 mark.
Trading plan:Potential drop to $1,676 against $2,080. Good to be sold on rallies.
Good luck!