Gold remains just shy to hit $1246/50 levels!
Gold might be unfolding into its last wave at a lower degree at this point, and prices might be hitting $1246/50 anytime soon. The metal is trading around $1241 levels at this point in time and looks like its into a sideways movement at a lower degree before it bursts higher to $1246/50 levels. Looking into the wave structure though, Gold is still working on a higher degree Wave C, within an A-B-C corrective rally that began from $1160 levels earlier. Immediate resistance is seen through $1246 while support is seen at $1216 respectively. Ideally, prices would stay above $1228 levels to keep the impulse structure at the lower degree intact. Overall, the short to medium term outlook remains bullish .
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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.
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