Gold could still work on a larger Wave B correction to $1180/85

Gold is seen to be testing recent swing lows at $1195/95 levels for the third time in the past trading sessions. If the yellow metal manages to break below, we could be seeing lower levels towards $1180/85 levels before the rally could possible resume. Looking at the wave structure, Gold might be still working on a larger degree corrective Wave B, if the above scenario holds true. Then we could consider the entire rally between $1160 and $1215 levels as Wave A, the subsequent drop could be Wave B (in progress), and followed by a Wave C rally. Overall, the metal could still remain good to buy over dips towards $1180/85.


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