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Long

Gold looking lower to complete Wave B?

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Gold has struggled to push through $1216 levels for now and could be indicating that a potential Wave B lower could be in the making for now. It might not be a safe trading strategy to initiate short positions but could be better to take some profits of the longs taken earlier. Resistance for now stays at $1216 levels and until prices stay lower probability remains for a Wave B towards $1180/85. Please note that the overall bullish wave structure remains but we could fetch lower levels to build longs positions again. Overall, Gold remains in a bullish A-B-C wave structure higher towards $1250/70 levels, going forward.


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