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10.06.2022 07:54 AM
Gold is drifting within the range between $1,840 and $1,846-48 since the last few trading sessions. The yellow metal is still holding above the $1838 interim low, which keeps the immediate bullish structure intact. A slip below $1838 will test the $1,828 mark before resuming its rally to $1,920.
Gold carved an upswing between $1,8786 and $1,870, which is a part of the corrective phace projected through $1,920. It retraced up to the Fibonacci 0.5 level earlier and found interim support around $1,828. If the above structure holds well, bulls will resume higher from here and push through $1,920 levels before giving in.
Gold's larger degree wave structure is bearish over the long term with immediate resistance seen at around $1,998. Over the near term though, the corrective phase is unfolding, which is expected to test the Fibonacci 0.618 retracement of the downswing between the $1,998 and $1,786 respectively. Furthermore, the past support turned resistance zone is also seen through $1,920, which makes it highly probable reversal zone.
Potential rally through $1,920 against $1,781
Good luck!
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