Relevance up to 07:00 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Technical outlook:
Gold prices dropped to $1,825 during the Asian session on Wednesday. The yellow metal is seen to be trading close to the session lows at around $1,826 at this point in writing and is expected to resume higher anytime soon from here. Bulls need to hold prices above $1,805 and subsequently $1,786 to keep the structure intact.
Gold prices are unfolding a counter-trend rally towards $1,920 since printing lows at around the $1,786 levels. The metal seems to have terminated its first and second wave at around $1,880 and $1,805 levels respectively. If the above structure holds well, prices would resume higher from here and push through $1,920 going forward.
Gold prices are working on a larger degree downswing between $1,998 and $1,786 as discussed earlier. The Fibonacci 0.618 retracement of the above drop is seen through $1,920 (highlighted as a rectangle here). The high probability remains for a bearish reversal if prices manage to reach there.
Trading plan:
Potential rally through $1,920 against $1,781
Good luck!
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