Gold prices might touch $1217 levels intraday before deciding further short to medium term direction it seems. As discussed earlier, Gold might have hit a major resistance at $1326 levels recently that has potential to remain a major top going forward. Also, on the shorter time frames, the yellow metal might have produced an impulse between $1326 and $1302 levels respectively. Furthermore, the subsequent rally also seems to be corrective till now and might find resistance around $1317 levels or already found one at $1315.50 levels respectively. The short term counts suggest that the metal could be poised to continue dropping lower towards $1295 levels at least if not further. A break below $1280 levels would be extremely bearish for the yellow metal and a long term reversal could be on cards.
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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.