Gold’s development invalidated our original bullish view. Instead, correction from 2075.18 is still in progress and is indeed resuming now. Break of 1760.46 temporary low turns bias to the downside. Gold should now target 38.2% retracement of 1160.17 to 2075.18 at 1725.64. Break there will target 50% retracement at 1,617.67.
On the upside, break of 1815.83 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of rebound.