Gold has formed a bullish SHS pattern as the price made a bounce off the bottom of the right shoulder. We should see upward continuation.
The price is undergoing a retracement. 1718-25 is the zone of the right shoulders. We might see buyers there. If we see a bounce off the POC zone, the first target is 1739 followed by 1752 and 1763. However, another close above 1755 without a retracement to the POC zone, will move the price directly towards the target 1763. Only below 1699, this scenario will be invalid.
