Gold prices corrected lower since yesterday but support came in close to $1221/22 levels as seen on the 4H chart presented here. Please note that price action keeps the structure intact, and the yellow metal remains well poised to push higher towards $1250/52 levels at least, if not any further. The 4H wave structure remains intact and unchanged as discussed earlier; with potential Wave C underway (into its last leg). The medium term outlook for Gold remains bullish until prices stay above $1212 levels. A safe trading strategy could be to hold long positions taken earlier, and/or add/take fresh longs now with risk below $1212 and potential target towards $1250 levels.
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.