Gold has done much to prove a corrective low is in place. We need a break above minor resistance at 1,746 to confirm gold has bottomed and a new impulsive rally is ready to unfold. The first target would be seen near 1,809, while the long-term target is seen at 2,400 and ideally closer to 2,700.

However, for now, gold needs to prove itself and break above minor resistance at 1,746 as the first indication that a bottom is in place and a new impulsive rally is building.