Gold prices dropped on Friday and reached $1280 levels from intraday highs at $1294/95 levels. The movement still looks to be a corrective drop and it remains possible that the yellow metal rallies one last time towards $1310/20 levels before giving in to bears again. Looking into the wave structure, Gold might be producing a complex corrective structure A-B-C, that of a double zigzag . This corrective rally began from $1160 levels earlier and could complete or terminate above $130o levels. Please note that we have maintained bearish bias since $1298 levels earlier but now turn neutral until we see a meaningful top in place. One could book profits on the short positions taken earlier and remain flat for now.
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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.