Gold short term target in place at $1252 levels
Gold prices are seen to be taking time to unfold but the structure remains constructive for bulls to push through $1252 levels as highlighted on the hourly chart. The 61.8% fibonacci extension of waves i,ii and iii within Wave C is pointing towards $1252.00 levels, where a bearish reaction could be seen. To remind of the medium term wave structure, Gold is probably into its last wave within the A-B-C corrective rally that began from $1160.00 levels earlier. If this count holds to be true, we should see prices stay above $1212 and pushing through $1252.00 levels going forward. We maintain our bullish stance for now (until $1252.00).
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Disclaimer:
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