Gold turned into sideway consolidation last week after hitting 1817.91. While it’s recovering today, the weak upside momentum doesn’t warrant a break out yet. Instead, the consolidation will likely extend further for a while. Nevertheless, we’d expect downside to be contained by 1773.42 support even in case of deeper pull back. Break of 1817.91 will resume larger up trend to 61.8% projection of 1451.16 to 1765.25 from 1670.66 at 1864.76.
