Gold could see support coming around $1210/12
Gold prices have dropped lower towards $1212 levels for now, and this was a probability discussed yesterday. Please note that $1212 is also the 50% retracement of the rally between $1195/96 and $1245/46 respectively. Looking into the lower degree wave counts, it still remains possible for the metal to drop towards fibonacci 0.618 support at $1209/10 levels before resuming its rally towards $1250/70 levels, as projected earlier. Wave C is under progress, and prices should stay above $1195/96 levels, for the above counts to remain valid. Immediate price resistance is seen around $1232, while support remains at $1195/96 levels respectively. Overall, we maintain our medium term bullish outlook in Gold until prices stay above $1195/96 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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