Gold could correct towards $1232/35 before resuming
Gold prices hit above $1246/50 levels, as discussed earlier and it could be setting up for a retracement lower, before the rally could resume. The metal trades at $1248/49 levels at this point in writing and might be looking to correct through $1232/35 levels in the short term. Please note that further upside remains possible from here as well and the next resistance comes in around $1270 levels. The corrective A-B-C rally that began from $1160 levels earlier, could potentially terminate around $1270, before resuming lower again. Please also note that Gold is seen to be consolidating into a triangle structure at a higher degree, and could be unfolding its last leg (Wave E) as an A-B-C presented on chart view here. It could be safe to take profits on the long positions taken earlier and await for the next opportunity to go long again.
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Disclaimer:
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