Gold prices rallied on Friday after printing a low just below $1280 levels. The yellow metal was trading sideways earlier and might have confirmed a flat before the thrust rally above $1300 levels. It is safe to confirm that prices would want to hit $1310/20 levels before finally giving in to bears. Looking at the medium term wave structure, the yellow metal has produced a complex corrective rally since August 2018, having print lows at $1160 levels. The structure can be potentially classified as a combination labelled here as an A-B-C where where A was a Zigzag , B was also a 3 wave correction and Wave C could be into its last leg of a zigzag . If the above structure holds good, we could see a couple more highs printed before the wave could complete. We continue to remain neutral for now and would be looking to sell higher again.
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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.