Gold breaks key level: 1760 in sight

Gold rallied again at the beginning of the week to retest the top of the range it had been trading since the beginning of the year after the big drop from 1958 back in January 6. This bearish breakout is still not confirmed since the last bullish defense line is intact: the Nov. 26 highs – Dec. 14 lows.

Should price break this level the bearish move towards the lows around 1760 is imminent. More so with the DXY trading and rallying above the 92.00 level.