Gold: The question is if bulls can take out the wave high

Gold pushed higher but still needs to take out the previous wave high of $1747.82, according to FXStreet’s analyst Rajan Dhall. XAU/USD is down today trading at 1728.10.

Key quotes

“If the $1747.82 level is broken there are some key Fibonacci targets on the 4-hour chart. The 161.8 golden Fibonacci ratio is close to the psychological $1800 mark so it seems to be the logical target.” 

“If the USD continues to weaken over the next few days then there could be a good chance one of these targets could be hit.” 

“Sentiment for the precious metal is still to the upside and the old trendline break would be negated if the wave high is broken.”