Gold’s rebound lost momentum after hitting 1797.71 last week, failing to break through 1800 handle. Some consolidations could be seen first. Mild near term bullishness is maintained with gold holding above 55 day EMA as well as 1763.36 minor support. We’d still expect another rise through 1797.71 to 38.2% retracement of 2075.18 to 1676.65 at 1828.88.
Also, firm break of 1828.88 will affirm the case that correction from 2075.18 has completed with three waves down to 1676.65. However, rejection by 1828.88, or break of 1763.36 support, would likely extend the decline from 2075.18 with another leg through 1676.65 low.
