Gold weekly chart gives us a clear visualisation of the bigger picture after an aggressive bullish trend that lasted for months, the price has finally reached its all time high at $2075.282 printing the August 2020 monthly candle as a spinning top that signalled a trend change in this case, which is the current downtrend.
The price made another aggressive bullish run from the bottom of the trend line bouncing from the 100EMA that is a strong support level and hitting resistance at the 200EMA that is also a strong resistance level . Now, the price is being squeezed between the 50EMA support and 100EMA resistance, being at a crossroad ready for a significant move.
The two possible scenarios are: first scenario is a strong rejection of the 100EMA pushing the price down breaking out from this bullish run, second scenario is an aggressive push above the 50EMA forcing the price to skyrocket in order to continue its bullish run reaching 1800 and above.
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Price broke above the 50EMA, touched 1800 and 1900 as of now, The bear scenario has failed.