Gold finally broken out of consolidation and hit as high as 1452.94. 100% projection of 1160.17 to 1346.71 from 1266.26 at 1452.80 is breached but there is no sign of topping yet.
Near term outlook will stay bullish as long as 1414.62 minor support holds. Firm break of 1452.80 will target 161.8% projection at 1568.08. Though, break of 1414.62 will bring consolidations again.
The 1568.08. projection level is also in proximity to 61.8% retracement of 1920.70 to 1046.37 at 1586.70. Thus, strong resistance will likely be seen there to limit upside, at least on first attempt.
