Gold continues to print higher highs and higher lows since $1195 levels earlier. Please note that the metal had bounced off trend line support and also around fibonacci 0.618 support at $1195/96 levels earlier. Bulls should remain in control till prices stay above $1196 levels and push through $1250/70 levels at least, before deciding further course. Looking at the wave structure, the counter trend rally A-B-C, which began from $1160 levels in August 2018, could be into its last leg with Wave C progressing at the moment. If the above count holds true, bulls would remain in control, holding prices above $1195/96 levels, and push higher towards $1250/70 levels. Please also note that A-B-C corrective rally could be Wave E of a potential triangle unfolding at a larger degree and that prices could reverse sharply lower from $1250/70 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.