Gold’s rebound from 1682.60 resumed last week and it’s now trading slightly above 1800 handle. From a bigger picture, it’s possible that gold has once again drew enough support from long term fibonacci level of 38.2% retracement of 1046.27 to 2074.84 at 1681.92 to form a bottom.
However, we’d prefer to see, firstly, sustained trading above 1800 psychological level. Secondly, Gold will need to break through 1832.47 near term resistance. In that case, stronger rise could be seen at least to retest 1916.30 medium term resistance next. However, break of 1774.14 support will suggest that the rebound has completed and bring another test on 1681.92 fibonacci level again.
