Gold prices pushed higher towards $1206 levels yesterday, before correcting lower again. The yellow metal is seen to be trading around $1200 levels for now and could be looking to continue higher until prices stay above $1189 levels. We are changing the potential wave counts labelled yesterday with Wave B possibly terminated at $1189 levels. Furthermore, Gold prices pushed above the counter trend line (connecting highs of the recent drop from $1215 levels) and is seen to be back testing for now. If this structure holds well, we could expect prices to continue higher towards $1250/70 levels, as Wave C progresses. As an alternate scenario, we shall remain prepared for a spike lower towards $1285 levels if $1289 gives in.
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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.