Gold is seen to be trading around $1231 levels for now, after carving a higher low at $1216 levels earlier. The metal looks to be pushing towards $1246 mark as highlighted on the 4H chart presented here, in the short term. Looking at a higher degree wave structure, Gold looks to be producing a corrective rally A-B-C since printing lows at $1160 levels earlier. Furthermore, please note that waves A and B were terminated at $1243/44 and $1195/96 levels respectively. If the above wave counts hold, we could see Wave C unfolding at this moment and pushing towards $1246/50 and $1270 levels going forward. Immediate price support comes in at $1216, followed by $1210 levels respectively.
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Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.