When GOLD tested its area of weekly support, it responded bullishly, as was to be expected. As it is clear in the chart, the price has completed its first upward impulse and is currently in its second correction wave. Price could retest support at 1700 and bounce again in a higher first wave. The third wave might be in the level 1800 area of resistance. However, the fifth Elliott wave may exceed 1800. RSI can also be used to identify the general trend, which is signaling a bullish trend now.

• There is resistance at 1740.73 , followed by resistance at 1745.80 and 1790.18.
• There is support at 1684.21. Below, there is 1679.05 and 1664.24.

Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.