Gold had dropped through $1707 lows today before bouncing back as expected and discussed yesterday. The yellow metal has hit fibonacci 0.618 extension for Wave 1 as highlighted here. Wave structure reveals potential Wave 3 terminated today around $1707 mark. It seems Gold is on its way towards $1770/80 levels from here before it finds resistance again. Alternately, a break above the resistance trend line will further push towards $1800 and higher. Downside potential remains through $1650 and $1550, until trend line and $1855 remains intact.
Remain short against $1965, towards $1650
Remain short against $1965, towards $1650