Gold edged higher to 1917.10 earlier today, after news that US President Donald Trump was tested positive for coronavirus. Yet, there is no follow through buying so far. Overall, consolidation pattern from 2075.18 might have completed with three waves down to 1848.39. But we’d prefer to see firm break of 1920.06 resistance to give us more confidence for this bullish case. If that happens, further rise should be seen to 1973.58 resistance for confirmation.
Nevertheless, rejection by 1920.06, followed by 1881.30 minor support will indicate that the consolidation is extending with another fall leg through 1848.39. 61.8% retracement of 1670.66 to 2075.18 at 1825.18 will be the next target.
