Gold prices dropped close to $1240 levels yesterday before reversing; the metal trades around $1244/45 levels at this point in writing and should be looking to continue pushing higher towards $1270 levels going forward. Immediate price support is seen towards $1235 levels, along with the 0.382 fibonacci ratio, as highlighted here. It could be a safe strategy to buy further, if prices dip towards $1235 levels, with a stop loss at $1216 and potential profit of $1270. The wave structure might be suggesting that Gold still has one last leg rally left before the bears could take control back. The counter trend rally that resumed from $1160 levels earlier might be into its last Wave C, which potentially terminates around $1270/75 levels. Overall, the outlook gor Gold remains buy on dips towards $1235, for now, with $1261 as key support.
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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.