Gold is lifted by return of risk appetite today, as DOW is current up over 1000 pts. The break of 1644.67 resistance suggests resumption of whole rebound from 1451.16. Further rise should now be seen to 61.8% projection of 1451.16 to 1644.67 from 1567.78 at 1687.36.
However, recent price actions from 1703.28 high are seen as a medium term consolidation pattern, that corrects whole up trend from 1160.17. Hence, we won’t expect a firm break of 1703.28 for now. Instead, another fall should be seen to extend the consolidation. Break of 1567.78 will turn near term outlook bearish for 1451.16.
