Chart self explanatory. Gold to resume upswing once the deep pullback to 1760 is done.
Comment:
pace of recovery from 1760 indicates that there is a bit more selling still to be done. Expect another touchdown to 1760. probability of cracking 1760 low, but not negligible. If it does crack 1760, it will to to 1670 before strong bounce back. key level to watch 1801, and 1810 and 1830 for resistance, while 1770, and 1670 for support.
Comment:
heading towards 1670. a very strong support at these levels. with more QE, commitment from the central banks on falling yield rates, this is bound to go up from 1670. bearish till 1670, and bullish thereafter.
