Gold’s rebound from 1855.30 resumed overnight and edged higher to 1903.19. But for now, it struggles to stay above 1900 handle again and retreated. Upside momentum is also a bit unconvincing. While further rise is in favor as long as 1881.37 minor support holds, current momentum doesn’t warrant a firm break of 1916.30 high yet.
Instead, it looks like consolidation pattern from 1916.30 is going to extending with one more falling leg before completion. Break of 1881.37 will bring another fall back towards 1855.30 support to continue the consolidation pattern. Up trend would resume at a later stage.
