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Gold has clearly broken above the resistance line from 2,070 confirming that wave C of 4 has been completed and wave 5 towards 2,700 is in progress. Short-term, we should see gold move closer to 1,820 and maybe even closer to 1,861 before a temporary setback towards 1,739 to be followed by the next strong rally higher.
At no point can a break below 1,681 be allowed under this outlook. We don't expect key support at 1,681 to be broken for many months to come.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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