Gold seems to be progressing swiftly towards $1250/70 levels for now. Let us have a re-look of the story unfolded until now. The yellow metal has been projected to be within a 3 wave counter trend rally since the lows formed at $1160 levels earlier. Within the above medium term bullish wave structure, Wave A and a complex corrective Wave B terminated at $1216 and $1281.50 levels respectively. As expected and discussed earlier, the yellow metal is now seen to be progressing into Wave C towards $1250/70 levels at least, before deciding the future direction. Please also note that $1216 levels, which acted as resistance earlier, should act as a support zone going forward.
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Agree with @InvestingScope. It may be the end of the 5th in conjunction with forthcoming release of FOMC minutes. Thank you for sharing.
InvestingScope
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We are expecting a 1203.20 Higher Low on this 1D Channel Up. Even a break-out below since there are fundamental reasons behind the recent week long uptrend: