The gold market seems to still feel the aftereffects of its New Year’s Eve party in its bones. After a period of rise into the blue area between $1816 and $1865, we primarily expect the price to lose steam and fall below the support lines at $1753, $1721 and $1673. Alternatively, the celebratory mood could last, so that the gold price could reach even higher goals with arrival at the resistance line at $1879. This possibility features a probability of 35%.
All in all, the gold market stays true to our primary scenario and enforces further descent. The price should then reach and even break through $1753.