Gold's choppy rebound from 1075.2 continued last week and extended further to 1141. Further rise is still expected as long as 1119.5 minor support holds and Gold could now be targeting 61.8% retracement of 1227.5 to 1075.2 at 1169.3. On the downside, howeve,r break of 1119.5 will suggest that such recovery has completed already and will flip intraday bias back to the downside for retesting 1075.2 support instead.
In the bigger picture, rise from 681 is expected to develop into a set of five wave sequence with first wave completed at 1007.7, second wave triangle consolidation completed at 931.3. Rise from 931.3 is treated as the third wave and has possibly completed at 1227.5 after missing 100% projection of 681 to 1007.7 from 931.3 at 1258. Deeper pull back could now be seen to 1026.9/1072 support zone, or even further to retest 1000 psychological level. But downside should be contained well above 931.3 support and bring up trend resumption to another high above 1227.5.
In the long term picture, rise form 681 is treated as resumption of the long term up trend from 1999 low of 253 after interim consolidation from 1033.9 has completed in form of an expanding triangle. Next long term target is 100% projection of 253 to 1033.9 from 681 at 1460 level. We'll hold on to the bullish view as long as 931.3 structural support holds.....Read the entire article.
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