Gold has rallied through $1798 levels after printing low around $1758-60 mark early this week. Bulls seem to be back in control as they successfully managed to take out initial resistance at $1795. The yellow metal could pullback from here before resuming its rally.
Gold prices are heading towards $1835 and up to $1865 levels in the next few weeks. Bottom line remains $1721 potential support, to keep the above bullish structure intact. Intraday support range is between $1775-80 for the rally to resume.
Looking at the wave counts, Gold prices are progressing with potential Wave (c) towards $1865. A push above $1813 will open the door to test $1835 and further through $1865 levels. Bears are expected to be back in control thereafter.
The metal had earlier rallied between $1677 and $1834, subdividing into five waves carving an impulse Wave (a) on the chart. The subsequent drop toward $1721 was corrective zigzag, marked as Wave (b) on the chart. If correct, Gold is unfolding Wave (c) towards $1735 at least.
Traders might inclined to hold long positions from $1760 levels and also add further around $1775-80 zone with risk below $1720 going forward.
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.