Gold reaches $1236, watch out for a turn higher!

Gold has reached the minimum criteria required for a pullback after having tested $1252 targets earlier. The metal touched $1236 levels today, preparing to turn any moment now. Please also note that it is converging with the fibonacci 0.382 support at $1235 levels, presented on the chart view here. We can expect a bullish response here for prices to resume its rally towards $1270 levels going forward. It is also falling in line with the wave structure which seems to be unfolding a larger degree Wave C into 5 waves. Within the Wave C, a smaller degree wave iv might be terminating around $1235/36 levels now and opening doors for wave v to unfold higher towards $1270 levels. Immediate support is seen at $1216, while interim resistance is at $1252 levels respectively. It is a safe trading strategy to again go long around $1235/36 levels, against $1216, with a potential profit taking at $1270 levels respectively.


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