Gold tests past support turned resistance at $1289
Gold prices continued to rally yesterday while the US Dollar gained across the board, which is normally unusual. The yellow metal has now touched $1289 levels, which is the past support turned resistance zone as presented on the daily chart here. Further please note that the rally which began from $1160 levels earlier, has crossed the 61.8% of Wave ((C)) within the higher degree triangle structure, that is not displayed or labelled here. Gold was potentially into Wave ((E)) of the above triangle and was expected to cover up to 61.8% distance of Wave ((C)), which was around $1277/80 levels. If the yellow metal goes by the triangle fibonacci ratios Wave ((E)) could terminate any moment and a bearish reversal might be triggered. We remain on the sidelines for now and wait for further confirmation.
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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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