Gold short term structure is a triangle as highlighted on the chart and the a,b,c,d,e waves could be complete at $1202.68. If this structure should remain valid, we could see the yellow metal dropping below $1196 levels and possibly towards $1185 levels as well. Please note that the fibonacci 0.618 support is seen at $1181 levels and we should not be surprised if Gold finds it next support around those levels. Overall, the bullish structure towards $1250/70 levels still prevails and it is just a matter of time before Wave C could resume higher. A safe trading strategy could be to hold/buy on dips.
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.
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.