Gold progresses into Wave C higher towards $1250/70
Gold is seen to e trading around $1227 levels at this point in writing and could probably continue pushing higher from current price or drop towards $1212, before resuming rally. Looking at the short term wave structure, waves i and ii might be in place or wave ii could terminate around 1212 levels as labelled here. If the above structure holds to be true, we could see wave iii rally unfolding within Wave C. Please note that for the above structure to remain valid, we need to see Gold prices stay above $1195/96 levels going forward. Immediate resistance is seen through $1236, followed by $1245/46 levels respectively. Overall, we maintain the bullish bias till prices stay above $1195/96
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Disclaimer:
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