Gold short term target towards $1246 levels

3 de dez. de 2018

Gold is seen to be trading around $1231 levels for now, after carving a higher low at $1216 levels earlier. The metal looks to be pushing towards $1246 mark as highlighted on the 4H chart presented here, in the short term. Looking at a higher degree wave structure, Gold looks to be producing a corrective rally A-B-C since printing lows at $1160 levels earlier. Furthermore, please note that waves A and B were terminated at $1243/44 and $1195/96 levels respectively. If the above wave counts hold, we could see Wave C unfolding at this moment and pushing towards $1246/50 and $1270 levels going forward. Immediate price support comes in at $1216, followed by $1210 levels respectively.


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