Gold bulls in control. Expect a corrective drop to $1210/12

In line with our discussions yesterday, Gold produced a rally with prices exceeding $1230 levels yesterday, before the pullback. Looking at the wave structure, it remain quite clear that Wave C is into progress towards $1250/70 levels, within the A-B-C corrective rally that began from $1160 levels earlier. If we dig further, a lower degree impulse wave that began from $1281.50 levels earlier, looks to be complete around $1230/32 levels. Keeping this in mind, please do not be surprised to see a corrective drop which could begin from $1232/37 levels, towards $1212 levels or lower. Ideally any correction from here should remain well capped above $1181.50 levels going forward.


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