Gold: Are We Ready for a Rise in the Yellow Metal?

On the 4-hour time frame, we are still waiting for gold to stabilize above $2,700. However, the pullback on Friday has increased the likelihood that gold may fail to break the $2,700 resistance again. We should wait for the market's reaction after Mr. Trump's inauguration event.

On the 4-hour chart, we are seeing a reaction to the identified supply zone. It remains to be seen whether this reaction will result in a pullback or signal the start of a new corrective wave in gold prices.