Gold’s pull back from 2070.06 picks up momentum today. The break of 1960.83 minor support should confirm short term topping, after initial rejection by 2074.84 high. Deeper decline is now expected as long as 2008.87 minor resistance holds, towards 55 day EMA (now at 1882.52).
The pull back from 2070.06 could either be a correction to rise from 1682.60 only. Or it could be the third led of the corrective pattern from 2074.84 high. Strong rebound from 55 day EMA will favor the former case, and bring upside breakout through 2074.84 sooner. However, sustained break of 55 day EMA will favor the latter case, and bring deeper fall back to 1676.65 support.
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