Gold prices rallied after intraday lows at $1309/10 levels yesterday and managed to hit the $1320 mark, as discussed yesterday. This zone could be the next major resistance and has the potential to change direction of the existing trend. Please note that we had remained bullish since $1160 lows through $1270/80 mark earlier and chose to remain flat until the $1300/10 levels. Looking into the larger wave structure, please note that Gold might have completed Wave E within a long term triangle. If this structure holds true, we could see a major reversal from current price zone. Though it is too early to confirm the same at this point, it would be safe to either remain flat or initiate aggressive short positions from here on. Potential bearish move is seen ahead.
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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.