Gold has not been able, thus far, to break its resistance at 1672. Despite the upside potential at 1730 (implied by the bullish breakout from the symmetrical triangle), we favour a short-term pullback towards the support at 1635.

The key support at 1523 has held. Still, the long-term succession of lower highs since the 6 September high (i.e. 1921) favours a cautious view.

Daily Technical Report