Gold’s rebound form 1752.32 resumed after brief pull back and hit as high as 1831.66 so far. 4 hour MACD suggests that Gold is picking up upside momentum. For now further rise is expected as long as 1789.31 support holds. Rise from 1752.32 should target a test on 1877.05 resistance next.
At this point, Gold is see as being in a leg inside the range pattern from 1676.65. While a break of 1877.05 cannot be ruled out, we’re not seeing much chance of breaking through 1916.30 medium term resistance. Meanwhile, break of 1789.31 support will argue that fall from 1877.05 is probably ready to resume through 1752.32.
