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Technical outlook:
Gold is testing interim support around $1,740-45 zone, which was carved over the last week. The yellow metal might remain well supported above $1,730 lows, which is also fibonacci 0.618 retracement of recent upswing between $1,677 and $1,834 levels respectively. If the above holds well, bulls would be inclined to push toward $1,850-60 zone in the nex few trading sessions.
Gold had earlier rallied through $1,834, taking out a major resistance as highlighted here. Since then, it has carved a corrective drop towards $1,730 before finding support. If the above structure holds wekk, the next wave could be higher towards $1,865, which is next in-line resistance on the 4H chart here.
Ideally, Gold should stay above $1,700 mark, to keep the above bullish structure intact. Immediate price resistance is seen around $1,787, while interim support is at $1,730 level respectively. A break above $1,787 will be encouraging for bulls and push further towards $1,806 and $1,834 levels respectively.
Trading plan:
Potential rally towards $1,860, against $1,700.
Good luck!
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