Is this going to happen? The retracement from 1615 to 1728 could be a short-term rally or is this the reversal? Hence, If gold manages to stay below 1746 then very likely it will go down again as illustrated. However, if the price manages to break and close above 1746 then likely it is a reversal to the upside. Therefore, we have to trade carefully from level to level and observe the price action to determine the trend.