Gold potential seen towards $1770/80 mark

Gold had rallied through $1741 mark yesterday after bounding off the $1700/10 zone earlier. This was in line with our discussions and the rally seems to have some steam left. The yellow metal might drop through $1720/25 zone today before turning bullish again, and push towards $1780 mark in the next 1-2 trading sessions. Bears might remain inclined to be back in control thereafter. The wave structure reveals a potential Wave 4 underway towards $1770/80 for now. If correct, Wave 5 could resume lower towards $1650 and further.

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