Gold’s strong rebound form 1717.01 tentative suggests stabilization, after drawing support from 38.2% retracement of 1160.17 to 2075.18 at 1725.64. Attention is now on 1760.46 support turned resistance. Firm break there will add to the case of short term bottoming, and bring stronger rebound back to 1815.83 resistance for confirmation.
Overall, Gold is still seen as extending the corrective pattern from 2075.18. Firm break of 1815.83 will suggest that it has completed and turn near term outlook bullish for 1959.16 first. However, another decline through 1717.01 will likely extend the correction to 50% retracement at 1,617.67 before completion.
