Gold remained supported around $1800 mark on Tuesday, bouncing back up to $1813/14 levels intraday. If prices are able to stay above $1800 mark going forward, bulls would be poised to test $1830 resistance next.
The yellow metal had dropped from $1916 to $1677 levels, subdividing into 5 waves. It could be marked as potential Wave A of the next drop lower towards $1450 going forward. If the above is correct, the yellow metal might be unfolding Wave B higher towards $1830/40 from here.
Also note that fibonacci 0.618 retracement of the entire drop is seen around $1830/31 zone as well, which should provide strong resistance, if prices reach there. On the other hand, if $1830/31 remains intact, Gold might reverse sharply lower from current levels.
The metal faces immediate resistance at $1830/31, while support is seen towards $1770/80. A break below $1770/80 will confirm that there is further downside left and bears would be inclined to drag prices below $1734 levels going forward.
Traders might wait for a few days and watch price action confirmation before committing further. A break of $1830 will confirm that Gold is set to move towards $1900 mark going forward and is good to buy on dips thereafter.
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.