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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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.