XAUUSD: Expected Correction?

XAUUSD, H1

On the H1, XAUUSD once again updated at an all-time high! Gold is moving in range and has now fallen to the lower support at 161.8 Fibonacci, testing the lower Bollinger line. There are two options to consider in this case:

• If the bears push the price below the 2568 support area, a correction to 2545 will begin;

• A rebound from support will bring XAUUSD back to resistance at 2589;