Gold has retraced lower from yesterday's highs and is seen to be trading around $1234 levels at this point in writing. The metal is like to find support ahead of $1228/29 levels and it should proceed towards $1246/50 levels. Looking at the short term wave structure, Wave C is unfolding since $1182.50 levels and further it could be into its lower degree wave iii or c, as labelled on the chart presented here. Immediate support is seen towards $1216, while resistance is at $1245/46 levels respectively. Please note that if Wave C is unfolding into 5 waves impulse, prices should broadly stay above $1228.00 levels going forward. Overall, the short term bullish structure remains for Gold .
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Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.