While Dollar is under broad based pressure today, Gold hasn’t been performing very well neither. There’s strong resistance from 1747.75 short term top to limit upside for the moment, as gold retreated. Short term focus is on 4 hour 55 EMA.
Break there would extend the consolidation from 1747.75 with another fall towards 1644.67 resistance turned support. But in that case, we’d expect strong support from 38.2% retracement of 1451.16 to 1747.75 at 1634.45 to contain downside and bring rebound.
Meanwhile, break of 1747.75 will extend larger up trend to 200% projection of 1046.37 to 1375.17 from 1160.17 at 1817.77 next.
