Gold’s rebound from 1676.65 resumed overnight, in reaction to Dollar’s weakness. Break of 1740.32 resistance should confirm short term bottoming, after drawing support from medium term channel. The support from 4 hour 55 EMA should also affirm near term bullishness.
Further rise is still in favor as long as 1724.00 minor support holds, for 55 day EMA (now at 1789.43). Sustained break there will add to the case that correction from 2075.18 has completed with three waves down to 1676.65. Strong rally would be seen to channel resistance (now at 1899.17) next. Though, break of 1724.00 support will likely extend the correction from 2075.18 with another fall through 1676.65 before completion.
