Gold potential top in place at $1300 levels ?

Gold prices reversed sharply on Friday after printing highs close to $1300 levels. Please note that intraday low was $1278, breaking below $1280 support. Gold is seen to be trading around $1286 levels at this point and could continue dropping lower, going ahead. A potential top could be already in place around $1300 levels for now and if it holds, bears could resume from here. Structurally, Gold might have completed its corrective rally from $1160 levels, unfolding into 3 waves A-B-C as presented on the charts here. Wave C was expected to terminate close to $1270/80 levels as highlighted here, but it managed to rally slightly higher towards $1300 mark before hitting resistance. Also please note that an engulfing bearish candlestick pattern has also been produced. After being neutral for the entire last week, we turn our projection to bearish against $1300 levels for now.


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