Gold will likely drop to $1,775 and $1,765. Breaking below $1,754 will change current momentum to bearish and open the gates for a retest of the $1,730-$1,710 region.”
“But if Gold doesn't break below $1,785 and gathers enough momentum to make a sustained break above $1,802 we can expect a break above the previous monthly high of $1,815. The next targets will be $1,828 and $1,842.”
The major resistance for the current uptrend was at $1,878.
“The short-term momentum is controlled by the 23.6% Fibonacci level of $1,772 and the 38.2% Fibonacci level of $1,830. Buyers and sellers are sitting on fence line at $1,798 to $1,802.”
“But if Gold doesn't break below $1,785 and gathers enough momentum to make a sustained break above $1,802 we can expect a break above the previous monthly high of $1,815. The next targets will be $1,828 and $1,842.”
The major resistance for the current uptrend was at $1,878.
“The short-term momentum is controlled by the 23.6% Fibonacci level of $1,772 and the 38.2% Fibonacci level of $1,830. Buyers and sellers are sitting on fence line at $1,798 to $1,802.”