Gold bulls seem to be in control after Friday rally from $1276 through $1300 plus levels, but resistance could be soon approaching. Lower degree wave counts suggest that Gold might have completed 5 waves from $1276 levels and ideally it could be followed by a 3 wave corrective drop, which should find support around $1293/94 levels respectively. The rally could then continue towards $1310/20 levels presented on the above chart, as fibonacci 1.618 extension . The larger degree wave counts also suggest that a double Zigzag is unfolding since $1160 lows and the same could be into its last leg rally towards $1320 levels. An alternate count could be that the counts are complete at $1304/05 levels and Gold could reverse from here. For the alternate count to confirm, prices should drop below $1276 levels 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.