Gold’s rebound from 1160.36 extends higher to 1197.81 today. But it’s clearly losing upside momentum as seen in the bearish divergence condition in hourly MACD. While further rise could still be seen, upside will likely be limited by 1200 handle to complete the rebound. Meanwhile, break of 1187.40 will turn bias back to the downside an bring retest of 1160.06 low.
Also, for now, as long as 1204.58 minor resistance holds, rebound from 1160.36 is seen as a brief consolidation. And fall from 1365.24 is expected to resume sooner rather than later. Though, break of 1204.58 will indicate that rise from 1160.36 is correcting the whole decline from 1365.24. And stronger rise would be seen to 38.2% retracement of 1365.24 to 1160.36 at 1238.62 before completing the rebound.
