Gold’s break of 1804.70 minor support suggests initial rejection by 1832.47 structural resistance. Deeper pull back could be seen and focus is now on 38.2% retracement of 1682.60 to 1833.79 at 1776.06. As long as this fibonacci support holds, there is prospect of another rise. Firm break of 1832.47 will be a strong sign that correction from 2074.74 has completed. Stronger rally would then be seen to 1916.30 resistance for confirmation.
However, sustained break of 1776.06 will dampen the bullish case revive near term bearishness. Deeper fall would be seen back to 61.8% retracement at 1740.35, and possibly further to retest 1676.65/1682.60 support zone.
