The daily bar chart pattern of Gold bounced up with strong volume support after a pullback to the top of the 'symmetrical triangle' on Thu. Mar 10 '16. The next day, it rose to touch a new 52 week high of 1288, but formed a 'reversal day' pattern (higher high, lower close) and corrected below its rising 20 day EMA and the 1230 level.
All three daily technical indicators touched lower tops (marked by blue arrows) when gold's price touched a new high. The combined negative divergences may have triggered the 60 points fall.
Just when it seemed that an 'end run' below the triangle was starting, gold's price bounced up to touch a lower top of 1270, formed another small 'reversal day' pattern on Thu. Mar 17, and dropped to seek support from its 20 day EMA.
Two of the daily technical indicators - MACD, RSI - are showing downward momentum but remain in bullish zones. Slow stochastic has dropped below its 50% level. Some more correction is likely.
On longer term weekly chart (not shown), gold’s price has dropped below its 200 week EMA after a brief sojourn above it. Weekly MACD and Slow stochastic are inside their overbought zones, and hinting at a possible correction. RSI is moving down after facing resistance from the edge of its overbought zone.