Gold prices rallied post higher lows formed at $1196.00 levels earlier. Please note that the metal found support at a convergence of fibonacci 0.618 and trend line support earlier. Furthermore, the subsequent rally has taken out interim resistance around $1212 levels, keeping bulls in control. The metal could retrace lower from here before resuming its potential rally towards $1250/70 levels, but dips would now remain above $1196.00 levels if the above structure should stay. Structurally, Wave C of the A-B-C counter trend rally, seems to be well in progress and prices are expected to exceed $1250/70 levels until $1196.00 and $1182.5 supports hold. We maintain our medium term bullish outlook against $1196.00 levels 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.