Gold’s up rally continues this week and breaks above 1900 handle, hitting as high as 1907 so far today. The correction from 2075.18 should have completed with three waves down to 1676.65 already. Further rise is now expected to 1959.16 resistance first. Break will further affirm this bullish case and target a test on 2075.18 high. Break of 1845.31 resistance turned support is needed to indicate short term topping, or outlook will remain bullish in case of retreat.
Tentatively, we’re viewing current rally has resuming the long term up trend from 1046.37 (2015 low). Next medium term target will be 61.8% projection of 1160.17 to 2075.18 from 1676.65 at 2242.12.
