Gold could be approaching $1213 levels !
Gold is seen to be correcting since it posted a high at $1232 levels earlier. It could be a double zigzag or a complex W-X-Y corrective drop towards $1212/13 levels. Please also note that the past resistance turned support is just around the same levels as depicted on chart view here. The structure remains unchanged for now, with bulls expected to come back around $1213 levels. Also, the fibonacci 0.382 level support is seen to be converging with past resistance at $1213. With the above facts into play, waiting to buy again or add positions could a safe strategy around $1212/13, going forward. Overall, medium term bullish outlook remains for the yellow metal and prices could reach $1250/70 levels.
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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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