GOLD - Corrective wave pattern (potential rally)
Following the corrective wave pattern A,B, C - We could see Gold rally upto the 1200 an 1220/35 mark potentially (at least in the near future). There is always the possibility of Gold pulling back one more time to around the 1170 or 1160 mark before going long to our targeted destination of 1200 for Profit taking.
Note
Ok, So As mentioned above, there was a possibility of Gold testing the lows once more (an extension of corrective wave "C") which i'm hoping will find support @1180 levels. There is still a possibility of it heading lower to 1160 level. Once it forms a bottom, we are sure going to see a rally to the up side. Again, this is a long-term trade. Patience and calculated RR is your best friend here... :)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.