Gold has rallied through $1815-16 levels after carving a potential bottom around $1798 mark on Tuesday. The yellow metal could still drop through $1780-85 zone before resuming higher again. Please note that $1785 is the fibonacci 0.618 retracement of the entire rally between $1753 and $1831 levels respectively.
Gold has found interim support around the fibonacci 0.382 retracement, which is seen at $1802 mark. If bears are back in control from here, prices might drop through $1785 mark before resuming its rally. Only a break below $1780 consistently could change the direction over the short term.
Gold wave counts remain bullish against $1753 for now and potential upside targets are pointing towards $1850 and $1920-30 levels going further. Immediate resistance is seen around $1831, while interim support is at $1753 levels respectively.
The larger degree wave structure in Gold might indicate a w-x-y combination as labelled on the 4H chart. If correct, prices would stay above $1753 mark and continue pushing higher through $1850 and $1920 levels in the next few weeks.
Traders might be preparing to initiate fresh long positions around $1785-1800 zone with risk below $1750 level. A push above $1831 will further accelerate to $1850 and higher.
The Profinacademy.com Team
Bitcoin dropped close to $46000 mark on Monday before finding support again. The crypto is seen to be trading around $46500 mark at the time of writing as bulls remain inclined to be back in control.
The US dollar index spiked through 96.85 mark on Wednesday on the back of the Federal Reserve interest rate decision.
EURUSD is finding support from its consolidation lower range around 1.1260-70 and could resume its rally from here soon.