Gold found support at $1220 levels ?

27 Kas 2018Gold prices did drop lower as discussed earlier, but seems to have found support early at $1220 levels. Please note that structurally the metal could still drop lower towards $1217 and up to $1210 levels as well, before turning higher again. At a higher degree, Gold is into an A-B-C corrective rally since lows at $1160 levels earlier, and is further progressing into Wave C into probable 5 waves. If the above structure holds good, we could see prices rallying towards $1250/70 levels before deciding further course. Immediate price support is seen at $1195/96, while resistance is seen through $1236 and $1244/45 levels respectively. A push through resistance would add further confidence to the bullish outlook.


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.