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Gold broke higher out of a coil pattern and settled the day above $1737, the smaller than (0.618) target of the wave up from $1666.2. The move up is now poised to reach at least $1752 and likely $1774 during the next few days. Settling above $1774 will clear the way a new high of $1802 and then the next major objective of $1821.
Prices are still flirting with the coil’s upper trend line, so there is a modest chance for another test of support once $1752 is met. Support at $1720 will likely hold, but a decline to $1702 and even $1690 would still be considered corrective of the move up from $1676.0. Settling below $1690 is unlikely but would shift near-term odds in favor of $1658 and possibly lower.
