Gold seems to have completed it corrective drop around $1740 levels over the last week. The yellow metal has rallied through $1781 levels since then and is looking poised to push further. Bulls might remain poised to target $1810 resistance in the near term.
Gold had earlier dropped between $1916 and $1677 levels, carving an impulse wave. Ideally an impulse is followed by a corrective wave and the metal seems to be underway to produce a-b-c correction towards $1865 levels at least.
Within the corrective phase, which is progressing since $1677 lows, Gold has carved an impulse wave a, followed by a corrective wave b towards $1741 mark. If correct, the yellow metal is set to complete a zigzag a-b-c corrective rally towards $1865 in the next few weeks.
A push through the resistance trend line and subsequently above $1810 will confirm that wave c is underway and that a bottom is in place around $1741. Immediate support is seen around $1737, which is fibonacci 0.618 retracement of the rally between $1677 and $1834 levels respectively.
Traders might be preparing to position themselves on the long side, against $1741 mark, towards $1865 at least, in the next several weeks.
Finacademy Technical Team
EURUSD is preparing to continue higher towards 1.1750 level in the next few trading sessions. Bulls are looking poised to remain in control until prices stay above 1.1524 mark. The currency has bounced back from its channel support as shown on the daily chart.
Bitcoin rallied to all-time high around $67000 mark on Thursday before pulling back. The crypto is trading around $63000 at the time of writing and could drop through $52500 mark.
USDJPY seems to have carved a meaningful top around 114.70 mark on Wednesday. The currency has dropped through 114.00 since then and is looking to drag lower below 113.80 in the near term. Bears are poised to remain in control from here.