Gold might have carved a higher bottom at $1182.66
Gold rally towards $1196 levels instills further confidence that a higher bottom could be in place at $1182.66 levels already. The yellow metal may not produce another low before rallying further towards $1250/70 levels, going forward. Also, another push through initial resistance at $1208/09 levels will confirm that the yellow metal is in control of bulls and that any correction would remain well above $1182.66 mark. If the above structure holds well, we could see Gold prices unfolding into 5 waves from here towards $1250/70 levels at least. We maintain our medium term bullish bias in the yellow metal for now.
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Disclaimer:
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