Gold could see support coming around $1210/12

28 Nov 2018Gold prices have dropped lower towards $1212 levels for now, and this was a probability discussed yesterday. Please note that $1212 is also the 50% retracement of the rally between $1195/96 and $1245/46 respectively. Looking into the lower degree wave counts, it still remains possible for the metal to drop towards fibonacci 0.618 support at $1209/10 levels before resuming its rally towards $1250/70 levels, as projected earlier. Wave C is under progress, and prices should stay above $1195/96 levels, for the above counts to remain valid. Immediate price resistance is seen around $1232, while support remains at $1195/96 levels respectively. Overall, we maintain our medium term bullish outlook in Gold until prices stay above $1195/96 levels.


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