Gold Wave C higher underway till prices above $1180
Gold might have placed a meaningful bottom at $1180/50 levels earlier. The yellow metal is drifting sideways for now, carving a lower degree wave iv, expected to stay above $1192 levels going forward. If this structure stays, Gold prices could push towards $1213 and $1216 to complete its impulse before correcting lower again. Overall, once gold prices break above $1216, any further corrections could remain well capped above $1180 levels. Looking at the medium term structure, Waves A and B could be in place already and Wave C could progress higher towards $1250/70 levels at least.
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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.
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