Gold had push through initial short term resistance around 1199/1200 levels yesterday, before pulling back lower. The yellow metal seems to have broken below a short term support trend line but it could still find support from the current levels around $1189/90. Also note that prices are right at the fibonacci 0.382 support of the rally between $1160 through $1200/02 respectively. Furthermore, the hourly wave counts are probably indicating of a potential impulse formation, and that prices could be close to wave 4 termination. If this structure holds well, we could see yet another push higher through $1215/20 region, before a meaningful correction could begin. Also note that fibonacci 0.618 extension of waves 1 through 3 is seen at $1215 levels, indicating a potential push higher.
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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.