Gold drifting sideways before last upswing towards $1310/20

Gold prices dropped on Friday and reached $1280 levels from intraday highs at $1294/95 levels. The movement still looks to be a corrective drop and it remains possible that the yellow metal rallies one last time towards $1310/20 levels before giving in to bears again. Looking into the wave structure, Gold might be producing a complex corrective structure A-B-C, that of a double zigzag . This corrective rally began from $1160 levels earlier and could complete or terminate above 130o levels. Please note that we have maintained bearish bias since $1298 levels earlier but now turn neutral until we see a meaningful top in place. One could book profits on the short positions taken earlier and remain flat for now.

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