Gold remains bullish above $1195/96 levels, with immediate price resistance seen towards $1235 levels. Bulls could be looking to push through $1235/36 levels, before producing a meaningful retracement lower. Please note that the metal should remain above immediate price support at $1195/96 levels going forward and a safe trading strategy could be to buy on dips with stop loss at 1195 levels and potential take profit at $1250/70 levels respectively. Looking at the wave structure, Gold remains into a corrective rally A-B-C with waves A and B already in place at $1210 and $1180 levels respectively. Wave C could be unfolding into an a-b-c or a diagonal towards $1250/70 levels going forward. Overall, medium term bullish structure remains intact for now.
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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.