Gold remains just shy of hitting $1246!

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Gold had rallied through $1244 after our discussions yesterday, remaining shy of $1246/50 levels. The metal trades at $1239/40 levels at this point in time and it would be a surprise to drop towards $1232 levels, before pushing higher again. Please note that the upside remains intact for now, but a slight pullback maybe due before the bulls are back in control. A smaller degree impulse wave iii would be complete at $1246/50 levels as the larger degree Wave C potentially unfolds. Please note this this rally, that began from $1160 levels earlier is just a corrective move A-B-C, which could terminate around $1250/70 levels before Gold resumes its downswing again. Overall, the short-medium term bullish structure remains intact for now and a safe strategy could be to buy on dips against $1210 levels.


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