Gold faces immediate resistance around $1775/80

Gold continued its drop to $1717 lows on Friday before pulling back. The yellow metal might be working on a counter trend rally towards $1775 levels from here, which is also the fibonacci 0.618 retracement of the recent drop between $1817 and $1717 levels respectively. Wave structure reveals that Gold might be progressing into its Wave 3 lower from $1876 highs earlier. Also note that Wave 3 might be extending and potential remains for a continued drop towards $1650 and beyond. Only a break above $1965 would turn the structure.

Remain short against $1965, towards $1650 and further.