Gold could face strong resistance around $1284/89

We have been calling off to refrain from holding long positions in Gold since target hit at $1270 levels earlier. The yellow metal since then has been extending its gains which normally is the case of 5th wave extension. In this structure, it could be a possible wave v extension within Wave C, of the A-B-C corrective rally that had begun from $1160 levels earlier. Please note that the fibonacci extensions were also pointing towards $1277.00 levels and the 0.618 distance of Wave (C) within the larger triangle consolidation (not plotted here) is also pointing towards $1273/74 levels as presented. With the last leg extending at the moment, we shall refrain from taking positions until further bearish confirmation.

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