Technical outlook:
Gold rallied towards $1,823 highs on Tuesday and since then it has been drifting within a range. The yellow metal had dropped to $1,809/10 lows yesterday before pulling back towards $1,815/16 highs during the last session. If bulls are not successful in breaking above $1,823 from here, high probability remains for the metal to turn lower towards $1,760/65 at least.
Gold is seen to be trading around $1,814 at this point in writing and could be preparing to correct lower before resuming its rally. Immediate price resistance is seen at $1,830/35, while support comes in around $1,760/70 mark respectively. Also note that fibonacci 0.382 of the entire rally between $1,677 and $1,823 is passing through $1,765/70 zone.
High probability remains for a bullish bounce if prices drop to that levels ($1,760/70). On the flip side, a break above $1,823 would open doors to test resistance around $1,830/35 respectively.
Trading plan:
Potential for a drop to $1,760 against $1,823.
Good luck!
