Gold failed to sustain above 1755.29 resistance last week, but subsequent retreat is so far shallow. Further rally remains in favor with 1721.08 minor support holds. At this point, firm break of 1755.29 and 55 day EMA (now at 1763.39) would still consider to have completed a double pattern reversal pattern (1676.65, 1677.69). Stronger rebound should at least be seen to 38.2% retracement of 2075.18 to 1676.65 at 1828.88.
However, break of 1721.08 will indicate that price actions from 1676.65 is just a three wave sideway consolidation pattern. Fall from 2075.18 is then ready to resume for another low.
