Gold surges sharply in the past two days after getting rid of 55 day EMA decisively, breaking 1500 handle. The development now suggests that corrective fall from 1557.04 has completed at 1445.59 already, supported by 38.2% retracement of 1266.26 to 1557.04 at 1445.95.
Further rise should now be seen to retest 1557.04 first. Break will resume whole up trend form 1160.17, as well as that from 1046.37. Next target will be 61.8% projection of 1266.26 to 1557.04 from 1445.59 at 1625.29. As rise from 1445.59 could be the fifth leg of the five-wave sequence from 1160.17, we’d expect strong resistance from 1625.29 to limit upside to bring medium term correction.
