Gold -0.12% is carving out corrective waves for now and believe it or not, bears could still remain in control, till the yellow metal stays below $1216 levels going forward. Please note that we are only expecting this complex corrective phase to terminate around $1185 as a probability and a fibonacci 0.618 support coming around the same level. It could be a safe trading strategy to look for potential long opportunities through $1190, $1185 and $1180 levels respectively. Also keep the bigger picture in mind, which is suggesting a push higher towards $1250/70 levels. Overall bullish outlook remains.
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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.