GOLD
A larger wave IV corrective wave is underway from 1921 (Sep’11 high) which has the potential to test 1460/1308 on multi-month basis. The 1825/1850 resistance would remain as tough barrier in the medium-term ahead of major 1921. The key swing low at 1527 needs to hold for a large triangle scenario. A break below however would extend the corrective wave.
The metal has taken support from key support area with a daily long bullish hammer candle. The short-term downtrend has been unfolding in a downtrend channel and the bear trend is likely to continue while the price stays below 1695/1724. A break below 1626 would deepen the correction toward 1585/1550 ahead of strong 1527. A reversal above 1724/1755 however would refocus on the 1796.