Gold’s rise from 1676.65 resumes today by breaking through 1845.31 resistance and hits as high as 1852.86 so far. It’s now eyeing medium term channel resistance at around 1860.63.
We’re favoring the case that correction from 2075.18 has completed with three waves down to 1676.65 already. Sustained break of the channel resistance will add more credence to this view. Stronger rise should then be seen to 1959.16 structural resistance for confirmation.
Outlook will stay bullish now as long as 1808.59 support holds, in case of retreat. But break of 1808.59 will suggest rejection by the channel resistance, and bring steep reversal.
