Gold resistance seen at $1317/20 levels today

Gold has been drifting sideways in a tight range between $1305 and $1314 levels respectively on the daily chart presented here. Looking at the lower degree wave counts, Gold might have formed a meaningful top at $1326 levels and subsequently produced a 5 wave drop towards $1302 levels earlier. The price action since then has been corrective and has managed to test around $1315 levels. It may be possible that the counter trend rally may still be incomplete and that prices may test $1317/20 levels to complete an up gartley as discussed yesterday. Bears are expected to take back control around $1317/20 levels and hence it could be a safe trading strategy to consider shorts around that price with risk above $1326 levels respectively. The larger structure remains unchanged for now with potential Wave E termination at $1326 levels. Looking lower for now with prices under $1326 levels.


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