Gold resumes higher. Bullish against $1182.50
Finally, Gold bulls seem to be in control after producing a complex corrective drop since $1245 levels earlier. The yellow metal has managed to take out initial resistance at $1212 levels and print a higher high around $1215/16 levels as seen here on the charts. The metal is seen to be trading around $1209 levels at this point in writing and could continue printing higher highs and higher lows going forward. Looking at the wave structure, Wave C within the corrective A-B-C is under progress now, and till prices stay above $1182.50 levels, we could see through $1250/70 levels. We maintain our bullish stance against $1182.50 levels for now.
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Disclaimer:
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