FXStreet reports that Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects gold to retry the upside as the $1730/23 zone is held off.

“Gold’s up move has faltered at the 55-day ma at $1800.64 for now. More worrying is the fact that the Elliott wave counts have turned more negative and are implying a retracement towards the $1730/23 zone. Provided it holds there we should retry the topside once again.”

“Above the 55-day ma lies the 200-day ma at $1856.36 and the downtrend at $1876. We suspect that this will hold the topside for now.”