The rally in gold extended after breaking the previous high at 1346.00 level, where the ongoing wave could be the BC wave for and ABC wave structure, the C point(which ends the correctional wave) could be at the 161.8 extension level for AB at 1391.00. Extending the wave above 1391.00 may open the door for the 200 percent extension level, which converges with a key previous high at 1420.00 area. Overall, we still see further upside before moving back lower.
Support: 1370.00, 1357.00, 1345.00, 1333.00, 1325.00
Resistance: 1390.00, 1400.00, 1412.00, 1420.00, 1425.00
Recommendation Long gold above 1358.00, targets at 1375.00 ,1390.00 and 1420.00. Invalidation below 1340.00