Gold remains subdued but potential push to $1250 possible

We have brought up a 4H wave structure of Gold again, to have a medium term outlook. Please note that since printing lows at $1160 levels, the yellow metal has unfolded into an A-B-C corrective rally, and is within the last leg of potential Wave C termination around $1250 levels (fibonacci 1.271 extension of Wave A). Furthermore, if prices were to attain fibonacci 1.618 extension , we could see $1268/70 levels going forward. Intermediary price support is now seen around $1212 levels and prices are ideally expected to stay above that. As an alternate, a drop below $1208 levels could indicate that a meaningful top is in place at $1245 and we might have to change our stance. Overall, bullish potential remains till $1212 is intact.


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