Gold may retrace lower to $1215/20 ?

Gold seems to have made an interim top at $1240 levels, just shy from our projection at $1250/70 levels. It is quite possible that the yellow metal may produce a corrective drop towards the $1215/1220 zone, before rallying further. Please also note that 50% retracement of the rally between $1182 and $1240 levels is seen at $1211 and that could be the next potential support for pushing higher through $1250/70 levels. Another possibility could be that A-B-C corrective rally could be over from $1160 through $1240 levels and that a major corrective could be on its way. For now, we maintain our neutral bias.

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