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Gold rally intact above $1187/88 levels ?

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Gold sideways story continues with recent wave counts are unfolding into probable corrective waves since the lows formed at $1187/88 levels. If Wave C is already in progress, prices would probably stay above $1193 levels, and Gold could continue higher as a potential ending diagonal structure for Wave C. In this case, we can expect the next stop for Gold -0.28% to be above $1215 levels. An an alternate count, a break below $1193 levels, could indicate that $1185 levels still remain possible. In either case, a safe trading strategy could be to remain long and add further on dips. Overall bullish scenario could be suggesting $1270 levels, going further.


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Good analysis, but I think it's too risky to buy gold now, since we are in corrective wave 4 on higher tf and since wave 4 was extended one, the correction might not exceed 23.6% which is around 1208-1212, I prefer to stay on the sideline and watch what happens around 1212-1215. Thanks
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