Gold’s rebound from 1862.55 resumed today and takes out 4 hour 55 EMA (now at 1964.66). There is no change in the view that it’s still staying in consolidation pattern from 2075.18 is extending, and would take a while more to complete. Though, current development suggest that it’s slightly more likely a sideway pattern rather than a deep correction.
Further rally is now in favor to retest 2075.18 high. We’re not expecting a break there for the near term. On the downside, though, break of 1929.30 will turn bias back the downside for 1862.55 low instead.
