Gold may find support around $1213 levels
Gold 4H chart has been presented here for a medium term outlook. It seems that Gold is unfolding into Wave C since bottom was formed at $1195/96 levels. Furthermore, the metal might have terminated its first lower degree wave at $1232 levels and is now progressing towards wave ii which could terminate at $1213 levels, before rallying towards waves iii , iv and v respectively. Also note that $1213 is the fibonacci 0.618 support of the previous rally between $1196 and $1232 levels respectively, and a bullish bounce can be expected around those levels. If the above structure holds, we could witness a drop from current levels, before the rally could resume further. Overall, the medium term bullish structure prevails until prices stay above $1195/96 levels and upside potential remains at $1250/70 levels respectively.
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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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