Gold could target towards $1255/60 levels in short term

Gold might have potentially formed a meaningful top at $1298 levels or it could be very close to form one soon. The next level of resistance is seen towards $1310/14 levels, where a bearish reaction could be expected if prices manage to reach. Looking at the short term wave structure, the yellow metal could be preparing to drop towards $1255/60 levels at least in a corrective manner. It remains to be seen if the drop turns to be an impulse, in that case it could be a confirmation that $1298 resistance is there to stay. Please also note that Gold was producing a probable Wave ((E)), within a higher degree triangle structure, and if that holds to be true, the metal could be preparing to drop below $1160 levels soon.


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