We have been discussing a potential bullish reversal from around $1180 levels since long now. The yellow metal made a low at $1180.50 levels, last Friday, before reversing sharply through $1192.00 levels. This story could well be an indication of a meaningful bottom having formed at $1180.50 levels and that bulls might be poised to print higher highs and higher lows from here. Please note that prices have bounced from a 62% retracement of the previous rally between $1160 and $1216 levels respectively. It could be safe to assume that Gold could initiate its rally towards $1250/70 levels any time, until prices remain above $1180.50 levels. A break below $1180.50 levels could test $1172 levels before resuming higher again.
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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.