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Gold prices rose through the $1,864 highs during the Asian session on Monday. The yellow metal has eased off to the $1,857-58 mark by the time of writing and is expected to resume lower toward $1,820 soon. The probability remains for a push toward $1,880 as well before correcting lower but a break below $1,840 will confirm that the top is in place around $1,870 earlier.
Gold is working on a larger degree downswing between $1,998 and $1,786. The metal is unfolding a corrective wave towards $1,920 and might have completed the first leg around the $1,875 mark. If correct, we will witness a drop to $1,820 as the second leg unfolds. Also, note that $1,820 is the Fibonacci 0.618 retracement of the above upswing. Hence, the odds are that the price will make a bullish bounce.
Gold prices are expected to reach up to the $1,920 high as the third leg unfolds. The Fibonacci 0.618 retracement of a larger degree downswing between $1,998 and $1,786 is seen close to $1,920. The high probability remains for a bearish turn thereafter as the larger degree downtrend resumes towards $1,676 and $1,450.
Potential rally to $1,920 against $1,780.
Good luck!
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