Gold has dropped marginally lower yesterday through $1701 mark before pulling back. The yellow metal had managed to push through $1724 before correcting lower towards $1711 and might be ready to resume higher towards $1770/90 mark, going forward. The wave structure from $1965 highs might have terminated Waves 1, 2 and 3 around $1802, !876 and $1701 levels respectively. High probability remains for a Wave 4 pullback to terminate towards $1770/90 zone. Also note that trend line resistance would e seen around same levels going forward.
Remain short against $1965, towards $1650 and $1550
Remain short against $1965, towards $1650 and $1550