Technical outlook:
Gold had dropped through $1,782 lows on Wednesday before finding some support. The yellow metal is attempting to push higher towards $1,802 and $1,814/15 in the near-term, before reversing lower again. Earlier, Gold had rallied to $1,834, taking out resistance as highlighted on the chart here. The metal is correcting lower since then and might find support around $1,755/60 levels going forward.
Gold is seen to be trading around $1,795 mark at this point in writing and could be preparing to rally through 1,814/15 in the next few hours. Please also note that the drop between $1,834 and $1,782 seems incomplete and requires another low below $1,782 to complete the zigzag correction. Hence expect a pullback to $1,815 and then a reversal to $1,755/60 before finding support.
Gold is facing immediate resistance around $1,834, while support is seen around $1,780, followed by $1,775 in the short term. Bulls might remain poised to be back in control around the $1,860 mark.
Trading plan:
Potential to drop toward $1,860/70, against $1,834.
Good luck!
