6 Apr 2021 ● 06:48 AM
Gold prices are making one more attempt to start wave 3 up after a double bottom near 1676 $. A close above 1751 should further add weight to this view and then prices should continue towards the top end of the channel near 1890.
Longer-term we are starting wave 3 after wave 2 retraced 61.8% of wave 1. The weekly momentum for gold has been in sell mode since September and will take a while to cross back to the buy-side. The daily momentum indicator has crossed back to the buy-side. 1692 should be the near-term support.