Gold progresses in Wave C. Potential target $1250/70
Gold took off its rally after finding support at $1216 levels earlier and drifting sideways/consolidation. The yellow metal reached close ($1240) to our first projected soft target at $1250 levels yesterday. Looking into the wave structure, as Wave C progresses, it looks to be the last leg at the moment and one can expect yet another high before a meaningful retracement or pullback. Immediate price support is at $1220.00 levels for now, with the yellow metal trading at $1231/32 levels at this point in writing. We can expect $1250 levels, until the $1220 support holds well. It is advisable to book profits around $1250 levels if reached and we shall look into probable scenarios later.
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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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