Gold has tested its counter trend line support at $1196/97 levels yesterday before bouncing back. The yellow metal is see to be trading around $1202 levels at this point in writing, expected to continue pushing higher again. As discussed yesterday, the bounce is still within the convergence support zone of trend line and fibonacci 0.618 as seen here. Furthermore, the wave structure would remain intact until prices ideally stay above major price support at $1182.50 levels. Immediate price resistance is seen at $1212 levels for now and a break higher should be encouraging for bulls. A safe trading strategy could be to remain long and also look to add fresh around current levels, against $1182.50 with potential targets above $1250/70.
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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.