Gold jumped notably overnight following extended decline in benchmark treasury yields, as well as broad selloff in Dollar. Technically speaking, immediate attention is now on 2061.99 resistance. Decisive break there should confirm that corrective pullback from 2088.24 has completed with three waves down to 2001.58. More importantly, rally from 1972.86 would then be ready to resume through 2088.24. This will now be the favored case as long as 2029.79 minor support holds.
However, in the bigger picture, Gold might not be ready to break through 2134.97 record high yet. Current bounce from 1972.86 is seen as the second leg of a medium term corrective pattern from 2134.97. Upside will likely be limited by 100% projection of 1972.86 to 2088.24 from 2001.58 at 2116.96 to start the third leg.
