Hi Friends
Good Evening
Technical outlook:
Gold fake jump on friday at $1,262/63 and made intraday highs at $1,269 level before dropping lower. The structure could be still labeled as 5 waves complete from $1195 levels. The push today morning can be considered as a final thrust 5th wave after the triangle formation as labeled here as a,b,c,d,and e. If the above wave count holds to be true, the metal should drop lower in 3 corrective waves A-B-C, towards $1,223 at least. On the flip side, a push through $1,270 would open doors towards $1,285 level, which is less probable though. An alternate way to label the above chart is a possible ending diagonal as well, which is not shown here. But in either case, please watch out for a bearish reversal towards $1,223 level from here. A break below $1,245 would confirm that a meaningful top is in place. Immediate resistance is seen at $1,269 level, while support is at $1,245 level respectively.
Trading plan: Please sell again at current price, stop is at $1,272, and target is at $1,223.
Good luck!
Disclaimer
This is my Personal Predition or anlysis
Before any Trade Do Self anlysis
With Regards
Rupesh Kesarwani
Comment:
Gold Made Low 1259
