In line with our discussions yesterday, Gold produced a rally with prices exceeding $1230 levels yesterday, before the pullback. Looking at the wave structure, it remain quite clear that Wave C is into progress towards $1250/70 levels, within the A-B-C corrective rally that began from $1160 levels earlier. If we dig further, a lower degree impulse wave that began from $1281.50 levels earlier, looks to be complete around $1230/32 levels. Keeping this in mind, please do not be surprised to see a corrective drop which could begin from $1232/37 levels, towards $1212 levels or lower. Ideally any correction from here should remain well capped above $1181.50 levels going forward.
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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.