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Gold prices slipped through $1,740 intraday on Monday in line with our earlier forecast. The yellow metal is seen to be trading close to the day's low around $1,740 at this point in writing as the bulls remain vigilant for a comeback. A bullish turn here will push the metal towards the $1,810-20 zone in the next few trading sessions.
Gold prices are likely to find interim support around $1,740 since the Fibonacci 0.382 level of its recent upswing is passing through as seen on the 4H chart here. The Fibonacci extensions (Red) are pointing towards $1,800 at least but the possibility remains for a breach above the $1,810 resistance. The Fibonacci convergence around $1,770 has played out well for the bears until now.
Gold can also retrace the entire rally between $1,614 and $1,786 before resuming its rally towards $1,810. However, prices must remain above $1,680 to keep the bullish scenario intact in the near term. Immediate price support is seen through the $1,700-05 zone, while resistance is seen at around $1,767. A break above $1,770 would confirm and accelerate a further rise.
Potential rally towards $1,810 against $1,680
Good luck!
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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