Gold resumes rebound, targeting 1861 next
Lagging behind Silver a little bit, Gold also resumes rebound from 1752.32 by breaking through 1831.66 and hits as high as 1837.12 so far. Further rally should now be seen as long as 1805.59 support holds. Next target is 100% projection of 1752.32 to 1831.66 from 1782.48 at 1861.82.
But the main question is whether it’s ready to break out from the medium term range set at 1676.65. We’ll monitor the reaction to 1861.82. Sustained break there could trigger upside acceleration through 1877.05 to 161.8% projection at 1910.85, and set the stage for breakout. However, rejection by 1861.82, or failure to even hit it, will keep medium term outlook neutral for more sideway trading.
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