Gold rally has stalled after printing highs at $1232 levels earlier. The yellow metal is seen to be consolidating for now and could continue dropping lower until $1213 levels, which is a convergence point of past resistance turned support and the 0.382 fibonacci support of the rally between $1181.50 and $1232.00 levels respectively. Looking at the medium term wave counts, Wave C still seems to be into progress and could push prices through $1250/70 levels going forward. Please also note that until prices now stay above $1181.50 levels, bulls should remain in control and drag prices higher. Medium term bullish structure could prevail until at least $1250/70 levels.
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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.