Gold is resuming the rebound from 1677.69 today and it’s now eyeing 1800 handle. Overall near term outlook is unchanged. A double bottom reversal pattern (1676.54, 1677.69) was formed. Further rise is expected as long as 1763.36 support holds, for 38.2% retracement of 2075.18 to 1676.65 at 1828.88.
Sustained break of 1828.88 will further affirm the case that whole correction from 2075.18 has completed with three waves down to 1676.65. Stronger rally would then be seen back to channel resistance (now at 1874.90) for confirmation.
