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Gold breaks 1800 as rally resumes, 1828 fibonacci level next

Gold’s rally from 1677.69 finally resume today by breaking through 1797.71 resistance. Further rise should now be seen to 38.2% retracement of 2075.18 to 1676.65 at 1828.88 first. Break there will target medium term channel resistance at 1865.65 next.

We’re favoring the case that correction from 2075.18 has completed with three waves down to 1676.65 already. Sustained break of the channel resistance will add more credence to this view. Stronger rise should then be seen to 1959.16 structural resistance for confirmation. For now, this will remain the favored case as long as 1756.01 support holds.

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