Gold’s rise finally resumes this week by taking out 1817.91 short term top. Current rally is part of the long term up trend from from 1046.73. Near term outlook will remain bullish as long as 1794.87 support holds. Next target is 61.8% projection of 1451.16 to 1765.25 from 1670.66 at 1864.76.
In the bigger picture, based on current strong upside momentum as seen in weekly MACD, we’d likely see a test on 1920.70 record (made in 2011 high), as the up trend extends.
