Gold is struggling in tight range above 1810.38 temporary low for a few days already. There has been no strength for a rebound despite Dollar’s selloff elsewhere. It’s also kept below 4 hour 55 EMA, as well as 55 day EMA, keeping risks on the downside.
We’re sticking to the case that rebound from 1784.67 has completed at 1855.17 already. Deeper decline is in favor and break of 1784.67 will resume whole fall from 1959.16. Such fall is seen as the third leg of the corrective pattern from 2075.18. Thus, break of 1764.31 should be seen before the correction completes.
Nevertheless, break of 1833.88 minor resistance will at least delay the bearish case and turn focus back to 1855.17 resistance first.
