Gold outlook remains bullish against the $1,721 mark as bulls are still inclined to break above the $1,786 resistance level over the next few trading sessions. The yellow metal has carved a bullish boundary AB between $1,721 and $1,781. Gold rallied through the $1,781 high on Friday before finding resistance and pulling back.
The retracement found interim support around the $1,750 mark, which is fibonacci 0.618 retracement . Further, probability remains for yet another drop toward $1,745 , the Fibonacci 0.618 retracement, before bulls could be back in control. Either way, gold may remain bullish with a potential target toward $1,834 at least.
Gold is seen to be trading around $1,759-60 and is expected to drop through $1,745 to complete the Gartley. Ideally prices should remain above the $1,721 lows and turn higher from the $1,745 potential support.
Potential rally towards $1,834, against $1,721.
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