The compressed view of hourly chart for Gold is suggesting that it could be ready to push through fresh highs at $1250/70 levels. Please note that the yellow metal is possibly into Wave C at this point and furthermore it is into the 5th wave, within Wave C as shown here. Intermediary resistance could be seen at $1244/45 levels but the metal could eventually break higher through $1270 levels as discussed earlier. Not to forget, the medium term wave structure is that of Waves A-B-C corrective rally, which is expected to terminate around $1250/70 levels, before Gold resumes lower again.
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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.