Gold continues to retrace lower since highs at $1298 levels. It remains to be seen where, the metal could find support before it could push higher one last time. As discussed yesterday, the corrective structure that began from $1160 levels earlier, could be taking shape of a combination where a double zigzag could be forming as Waves A and C labelled here on charts. If this holds true, the current drop is just a retracement and it could find support around $1265/75 levels, before rallying beyond $1300 levels. A combination is generally labelled as W-X-Y but to keep it simple here, we have labelled as A-B-C where Wave A unfolded as a 5-3-5 zigzag , Wave B into 3 waves and Wave C could be underway to produce a 5-3-5. At the moment we stay neutral and shall be looking to enter short positions again above $1300 mark.
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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.