Gold near term support is around $1713/15

Gold might drop to $1713/15 before pushing higher towards $1775/80 levels. The yellow metal remains poised to rally towards $1775 at least before reversing lower again. The wave structure remains bearish until $1965 holds as Gold might be carving potential Wave 4 since $1676 lows. Trend line resistance is now seen to be passing through $1765, which is close to fibonacci 0.50 retracement of Wave 3. The metal remains poised to turn lower towards $1650 and $1550 levels, going forward.

Remain short against $1965, towards $1650 and $1550