Gold probable bottom in place at $1189 ?

Gold prices pushed higher towards $1206 levels yesterday, before correcting lower again. The yellow metal is seen to be trading around $1200 levels for now and could be looking to continue higher until prices stay above $1189 levels. We are changing the potential wave counts labelled yesterday with Wave B possibly terminated at $1189 levels. Furthermore, Gold prices pushed above the counter trend line (connecting highs of the recent drop from $1215 levels) and is seen to be back testing for now. If this structure holds well, we could expect prices to continue higher towards $1250/70 levels, as Wave C progresses. As an alternate scenario, we shall remain prepared for a spike lower towards $1285 levels if $1289 gives in.


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