Gold’s rebound from 1680.83 short term bottom picks up further momentum on broad based Dollar selling. Further rise is now expected as long as 1733.85 minor support holds, for channel resistance at 1778.91. But there are a couple of hurdles to overcome ahead, including, 1786.65 support turned resistance, 55 day EMA (now at 1791.10), 1800 psychological level, and 55 week EMA (now at 1831.13).
In the bigger picture, the view is unchanged that price actions from 2074.84 (2020 high) are in form of a three wave consolidation pattern, with fall from 2070.06 as the third leg. Strong support is expected at 1682.60, with 38.2% retracement of 1046.27 to 2074.84 at 1681.92, to complete the pattern. This is what has been happening so far. Sustained break of the above mentioned resistance zone between 1786.65 and 1831.13 will solidify this view and bring stronger rally back to retest 2074.84 high.
