Gold rebounded strongly overnight, following Dollar’s selloff. For now it’s staying in range below 1439.23. But it’s clear that price actions from there are just a consolidation pattern. Bullishness is also retained with 1382.52 support defended. Indeed, gold is probably ready for an upside breakout soon.
On the upside, break of 1439.23 will resume whole up trend from 1160.17. 100% projection of 1160.17 to 1346.71 from 1266.26 at 1452.80 should be taken out with relative ease.
Considering upside acceleration as seen in weekly MACD, gold will likely target 161.8% projection at 1568.08.
