Gold drops again to $1189 levels before pullback !

27 Sep 2018

Believe it or not, the structure unfolding now could be pointing towards $1183 potential bottom in Gold (short term). The yellow metal broke below its lower degree triangle consolidation yesterday and touched $1189, before pulling back higher. A fibonacci extension of the drop between $1211 and $1192 earlier is converging well with the previous support (wave iv), at $1183 levels, highlighted on the chart here. Overall, the medium term structure remains bullish for Gold with potential targets towards $1250/70 levels, but a short term low around $1180/85 cannot be completely ruled out. An optimized long entry could be $1183 going forward.


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