Gold recovered notably in early US session, following the selloff in Dollar on much worse than expected US jobless claims data.
But after all, Gold is just seen as extending the consolidation pattern from 1931.84 short term bottom. That is, another fall remains in favor. Break of 1931.84 support will firstly confirm resumption of whole fall from 2062.95. Secondly, that should also have medium term channel support firmly taken out. In this case, Gold should target 38.2% retracement of 1614.60 to 2062.95 at 1891.68.
However, break of 1985.08 resistance will argue that the channel support is defended, and maintains medium term bullishness. Stronger rise should then be seen to retest 2062.95, even further to 2074.48 high.
