IMO a bottom will not be confirmed until gold breaks above and closes above $1780 resistance. In the meantime this rally could just be an ABC correction in a down trend.
Wave A is the rally from $1673 to $1738 ($65) The correction from $1738 to $1696 is potentially wave B and $1699 was the 0.618 fib retracement of wave A. If wave C = wave A then golds projected target is $1696 + $65 = $1761.
What happens after this determines whether a bottom has been made in gold. If gold blows past $1780 then confirmation of a low is made. If $1696 low is breached then the low is yet to be made.
Silver closing above $27 and gold closing above $1780 would be confirmation that gold & silver have bottomed.
