Technical outlook:
Gold has retraced lower from $1,810 high registered on Wednesday, and is trading around $1,785/86, as of writing. The yellow metal has remained in control of bulls since $1,677 lows, registered on August 09, 2021. If bulls are able to hold prices above $1,775, the initial support, another push towards $1,825/30 zone remains probable.
On the flip side, a break below $1,775, would drag towards $1,760 in the short term, which is fibonacci 0.382 retracement of the entire rally between $1,677 and $1,810 respectively. Looking at the wave structure, bulls might remain poised to test $1,800 handle at least, if prices hold above $1,775 mark. It would be interesting to see how prices react around $1,800 handle if reached.
Gold is trading close to $1,786/87 levels, as bulls remain poised to push towards $1,800 at least. Immediate support is seen at $1,775, followed by $1,760 and $1,728; while resistance comes in around $1,825/30 levels. The yellow metal remains bullish in the medium term, but faces resistance around $1,800 in the near term.
Trading plan:
Short term bullish opportunities towards $1,800, against $1,775.
Good luck!
