Gold could target towards $1255/60 levels in short term
Gold might have potentially formed a meaningful top at $1298 levels or it could be very close to form one soon. The next level of resistance is seen towards $1310/14 levels, where a bearish reaction could be expected if prices manage to reach. Looking at the short term wave structure, the yellow metal could be preparing to drop towards $1255/60 levels at least in a corrective manner. It remains to be seen if the drop turns to be an impulse, in that case it could be a confirmation that $1298 resistance is there to stay. Please also note that Gold was producing a probable Wave ((E)), within a higher degree triangle structure, and if that holds to be true, the metal could be preparing to drop below $1160 levels soon.
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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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