Gold projection could be bearish from $1300/15 levels!

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Gold is seen to be consolidating since January 04, 2019 after printing highs around $1298.00 levels. On the shorter time frame, it could be forming a triangle or flat and we could see a break higher soon. Looking into overall wave structure, Gold might have either completed its A-B-C corrective rally from $1160, at $1298.54 levels; or could print yet another high around $1300/15 levels which is close to fibonacci 0.786 resistance of the previous drop as presented here. Also note that Gold has been under a larger degree triangle consolidation and was probably into its last Wave E which could terminate around above levels. We have changed our stance from Neutral to Bearish since $1298.54 highs and continue the same. More conservative strategy could be to remain aside for now and look for a bearish reversal at $1310/15 levels.


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