Gold may rise to 5085 - 5145.

Gold may rise to 5085 - 5145.

Pivot 4980
Our preference : Long positions above 4980 with targets at 5085 & 5145 in extension.

Alternative scenario Below 4980 look for further downside with 4905 & 4835 as targets.

Comment : Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.