Gold finally resumes recent up trend by breaking through 1346.71 resistance decisively and reaches as high as 1358.16 so far. Further rise should now be seen to 61.8% projection of 1160.17 to 1346.71 from 1266.26 at 1381.54 next. And in any case, near term outlook will remain bullish as long as 1319.95 support holds, in case of retreat.
More importantly, upside re-acceleration is seen in weekly MACD after drawing support from 55 week EMA. The development is rather medium term bullish. Rise from 1160.17 could indeed be resuming whole rise from 1046.37 (2015 low) as consolidation from 1375.17 completed with three waves to 1160.17. That is, we’d likely see decisive break of 38.2% retracement of 1920.70 (2011 high) to 1046.37 (2015 low) at 1380.36 finally. In that case, further rise should be seen to 61.8% retracement at 1586.70 in medium to long term.
