Gold could find support ahead of $1228/29 levels

5 de dez. de 2018

Gold has retraced lower from yesterday's highs and is seen to be trading around $1234 levels at this point in writing. The metal is like to find support ahead of $1228/29 levels and it should proceed towards $1246/50 levels. Looking at the short term wave structure, Wave C is unfolding since $1182.50 levels and further it could be into its lower degree wave iii or c, as labelled on the chart presented here. Immediate support is seen towards $1216, while resistance is at $1245/46 levels respectively. Please note that if Wave C is unfolding into 5 waves impulse, prices should broadly stay above $1228.00 levels going forward. Overall, the short term bullish structure remains for Gold .


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