Gold is now at a near term juncture as rebound from 1750.49 halted after hitting 55 day EMA (now at 1813.31). It’s unsure whether the fall from 1916.30 has completed yet. But overall, such decline is still as just a falling leg inside the corrective pattern from 2074.84 high.
In case of another fall, we’d continue to expect strong support from 1676.65 to contain downside. The level is close to long term fibonacci support of 1046.27 (2015 low) to 2074.84 at 1681.62. Meanwhile, break of 1818.13 and sustained trading above the 55 day EMA will be an early signal that the correction has completed. Stronger rise should be seen back to 1916.30 structural resistance next.
