Gold seems to be progressing swiftly towards $1250/70 levels for now. Let us have a re-look of the story unfolded until now. The yellow metal has been projected to be within a 3 wave counter trend rally since the lows formed at $1160 levels earlier. Within the above medium term bullish wave structure, Wave A and a complex corrective Wave B terminated at $1216 and $1281.50 levels respectively. As expected and discussed earlier, the yellow metal is now seen to be progressing into Wave C towards $1250/70 levels at least, before deciding the future direction. Please also note that $1216 levels, which acted as resistance earlier, should act as a support zone going forward.
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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.