Gold hits strong resistance @ 1950/60 zone.

Gold had dropped through $1848 lows earlier completing a potential impulse drop. Since then the yellow metal has produced a corrective rally towards $1950/60 levels. The wave structure could be seen as Wave (1) and (2) complete around $1848 and $1950/60 levels. If the above holds, Gold should be resuming its down trend soon from here. Also watch out for a potential push through $1970/80 mark.

Short against $2075, target is open.