Gold rebounded notably and reclaimed 1800 handle, following Dollar’s post FOMC selloff. The development suggests that 1791.45 support could have been defended well, keeping the rise from 1750.49 alive. Focus is now back on 1833.91 resistance. Break there will target 61.8% retracement of 1916.30 to 1750.49 at 1852.96 next.
Overall, we’d need to see Gold breaking 1916.30 resistance firmly, to give us more confidence that the corrective pattern from 2074.84 has completed. Otherwise, outlook will stay neutral for now.
